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Bitcoin Trading Pulls Correction Deeper

Last Updated May 18, 2023 5:18 AM
Venzen Khaosan
Last Updated May 18, 2023 5:18 AM

Bitcoin trading, today, sacrificed the technical advantage it had gained from Friday’s advance above long-term resistance. The market had already successfully tested the trendline on the day but returned to it in a cynical sell-off during Sunday trade.

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: 14h38 UTC

Bitstamp 15-Minute Chart

a chart showing the price of bitcoin and the price of bitcoin

From the analysis pages of xbt.social, earlier today:


The technical chart conditions are similar to the sell signal they gave prior to the drop visible on the left of the chart. The wave count can be interpreted a having a final wave e to make to the downside and this represents a risk to trades that were not initiated from the base of the advance near $240 with a stop loss below $239.

If downside price action crashes lower, it will happen swiftly and will most likely target the 1.618 extension near $246 (Bitfinex) and 1534 CNY (BTC-China) and $236/240 (BTC-e). This is also the approximate level of our bellwether moving average. Traders may choose to place a stop loss just below $251 in case a drop extends to $246, and then re-enter once price action shows resumption to the upside.

Not a comfortable juncture in the chart – best be prepared.

From the analysis pages of xbt.social, 4 hours later:

We saw it coming and hopefully all members had taken precautionary measures against the sell-off. The MA signal was present for over an hour before the market tipped price over the edge.

The 4-hour BTC-China chart shows that the sell-off simultaneously stopped at our 15-minute and 4-hour moving average. In the Bitfinex 4-hour chart price plunged to target at $246.

The market’s choice of direction despite favorable technical conditions for advance shows cynicism. It’s a typical Bitcoin chart move with a rapid sell-off produced at the very moment advance looks favorable, and the chart indicators give a Buy signal.


Old habits die hard, it seems. Bitcoin price was sold off over $10 today in a retest of the long-term trendline that had been breached on Friday. The market is behaving like a captive chimpanzee being returned to the wild: irresistibly drawn to discovering unknown territory, but constantly running back to a sell-off security blanket.

The Bitstamp Buy-Sell Volume indicator shows the mass participation in today’s move.

a line graph showing the number of people in each country

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

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

Readers can follow Bitcoin price analysis updates every day on CCN.


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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