The Bitcoin price is slumping despite a market desire to advance the price. Certain parties outside the orderbooks have wanted a lower price tag on the crytocurrency for over a year and the sustained pressure for lower prices is finally achieving the lows.
Bitcoin Price Analysis
Time of analysis: 13h47 UTC
Bitfinex 15-Minute Chart
Manipulation at BTC-China and Bitfinex, or wherever, always seems a far-fetched charge, because it cannot be proven outright. The fact is that all markets are (and have always been) manipulated by the largest players, and in the unregulated Bitcoin space, that includes the exchanges – who are both money changers and market makers at the same time. Why would they not use their unique insight into market depth to their own and their wealthiest clients’ advantage? Regardless of whether one believes that it is manipulation by the largest players that has price at current levels, the question must be asked: “Why would Bitcoin holders be selling at these levels?” Selling down to where? $200 ? $100 ? $10 ? On the asset that you value and want to see appreciate in value?
From the analysis pages of xbt.social, earlier today:
Price has fallen to support in five waves. No buy signal was emitted, but the Trade Recommendation remains valid at the current price level and we await a buy signal from current levels. It may take a while for the MAs to configure, so enjoy your Saturday – the signal for advance is likely 12-24 hours away.
There is little to add to the analysis to date, other than pointing out that we may be in a larger consolidation here – lasting several weeks and narrowing down to a price range of $2-$3 a day – IF price does not take direction and do so decisively. The market is at logger-heads: unable to get a new low and failing to break out to the upside.
Demand has, in the past, been strong around $210 where average Bitcon market participants see a buying level. Let’s see if $210 (and $200) support holds.
Bitcoin is pending an advance to $270 but the downside seems incomplete and the market is selling lower. A risk is that selling to low can lead to another sell-off and that will see price below $200. Best to wait for price to bounce from support before going long. Similarly, if you prefered direction for this market is down, then wait for an upward correction, since the support floor at $210 is not far below..
Bitfinex data shows an even day of buying and selling, but it’s been sell, sell sell all day.
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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.
Bitcoin price charts from TradingView.
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