Bitcoin value at $300 will be reality within a day or two as the Bitcoin price holds its ground just below $300 and prepares for the final push of advance. Trade has been pushing up against overhead resistance, and it is likely that a strong price surge will occur once price crosses above $300 / 1900 CNY.
From the analysis pages of xbt.social, earlier today:
Price is still below $300 and several resistance layers will need to be negotiated by a market that sometimes buys toward resistance with determination but then takes profit just short of the goal.
As was speculated yesterday, the $300 and 1900 CNY chart area may be under the influence of larger hands in the market, whales, who have need to take profit and reposition like the rest of us. Their trades need careful handling since they have to manage the risk of large positions while simultaneously aiming to “herd” retail traders into moves that will benefit their trade plans. The downward pressure being exerted close to $300 may be initial and systematic profit taking by the institutions prior to the blow-off into the $300 chart area.
The initial wave up from the corrective lows at $281 and 1750 CNY is currently being retraced, and a likely target is the dynamic MA support at $288 (Bitfinex) and 1800 CNY (BTC-China). Once complete, no additional decline should follow. The next move should be a strongly advancing wave to $300 and 1900 CNY that wastes no time getting there. It may take several hours or up to a day to build its first and second subwave base.
Whatever happens above $300, it won’t happen in a straight line. We stick to our plan to take profit (close positions) when we reach the xbt.social designated target.
Bitcoin price has been wandering in the purgatory between $280 and $300 while the market tests its competence to trade price across the $300 psychological barrier. Once it does, a strong rally may result.
Trade keeps returning to price to just below $300, yet, the Bitfinex depth chart shows that, above $300, equally heavy sell orders await.
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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 (UTC): July 12, 2015 12:47 PM