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.
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.
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:
The orderbooks don’t fool traders at xbt.social:
What do readers think? Please comment below.
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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.
Last modified: July 12, 2015 12:25 UTC