Bitcoin Trading In The Doldrums: Price Below $200?

February 1, 2015 19:13 UTC

Bitcoin Price has slowly edged lower in muted trade today. Small price waves and low volatility did not help as price came within a whisker of our target at $210 before turning back up. It seems the bears are attempting a soft-landing on $200.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.

Bitcoin Trading and Price Analysis


Time of analysis: 12h10 UTC

Bitfinex 15-Minute Chart

Analysis excerpt quoted from the pages of xbt.social earlier today:

Still no discernible change in the market. The absence of volatility and the sluggishness of the small moves is puzzling. Perhaps trade activity will pick up as day dawns in the US, or perhaps the slow creep toward $200 will continue in the same manner it has for the past two days.

The current wave down can be counted as a 5th wave, which also makes it the last wave of this leg down. A decisive drop to $200 may conclude the move or perhaps the bulls will seize the moment. If the minute wave action has been the last waves of decline then a strong wave to the upside should soon emerge. Let’s see – hoping for decision in the current indecisive market may be asking for too much. $200 and 1,300 CNY are significant price levels, and the market seems to be waiting with baited breath for direction.

Summary

The Bitcoin price has been creeping toward $200. There is neither strong buying nor selling pressure. A drop below $200 would be catastrophic – even with the safety net at $190 (Bitfinex). Another season of selling is not a pleasant prospect – if the market can tolerate sub-$200 then why not sub-$100? Somehow, the vested speculative interest in Bitcoin may prevent that from happening.

Bitfinex: Overnight selling has now become daylight buying:

Click here for the CCN interactive price chart.

The orderbooks don’t fool traders at xbt.social:

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.

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Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Images from Shutterstock.

Last modified: July 12, 2015 12:25 UTC

@venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.