Bitcoin Price is again dabbling near the lows. A strong wave to the upside, earlier in the week, was soon retraced. The Bitcoin price chart’s technicals imply advance is possible, but market uncertainty is holding back the buyers.
From the pages of xbt.social, earlier today:
Price retraced from yesterday’s target high and is now back at the familiar consolidation level around $225 / 1,410 CNY. If our wave count is correct then correction of the most recent advance is complete and we can now expect a wave to the upper targets at $270, $320 and $360 (1,680 CNY, 1,900 CNY and 2,200 CNY). The highest target, namely $360 / 2,200 CNY, is not an immediate target – it is confirmed by both magnetic line and Fib extension so it will be achieved eventually but for now we put it from our minds. There is still a lot of price action and drama that must unfold between here and those highs.
One of the melodramas is the possibility that price may continue downward and revisit the decline low of $160 / 900 CNY. It seems ludicrous at this time but there are technical chart indications that allow it, and we cannot ignore the possibility. All we care about is the trade signal – if it manifests, a Trade Recommendation will be issued, and we take the trade.
The Bitcoin price is not making new highs or lows. There is a sense of anticipation of an advance, but buyers are apparently reluctant here near the lows. This psychology often expresses itself in the chart as a sideways consolidation until the market takes sudden direction. The indecision is understandable: a solid year of relentless decline has traumatized most investors, who desperately want to see even a modest rally. Meanwhile, leveraged traders are now used to trading to the downside, and they sense another opportunity here near $200 and 1,300 CNY..
Bitfinex Buy/Sell volume: the past day and the past hour:
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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 12:26 UTC