Classic Bitcoin Price Not Happy About Classic(TM)

Journalist:
January 22, 2016

Bitcoin price declined today without printing a new low. It may only be the first wave of decline towards a Classic(TM) induced low but, ultimately, we know that Core development has a mid-year block-reward halving rally in store.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

BTCC 1-Hour Chart

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

A lazy sell signal in the 15min BTCC chart (not shown) and what looks like a five wave decline in the 1hr chart (above).

Although there is no 1hr MA sell signal (and still some time to pass before one will develop), notice, in the 1hr chart, the similarity between the current declining wave and a similar decline from a high in the top left of the 1hr chart. Judging by that wave, the current decline may still continue to the 1hr 200MA before correcting to the upside. It does look like we’re going to see another wave of decline in the coming days or week.

However, there is no signal that allows us to position just yet. Let’s wait patiently and see what unfolds.

Summary

Bitcoin price has entered bearish chart territory and only a surpise reversal could see price recover the current downturn. With no need to predict price’s next mood, let’s wait for a decisive signal up or down.

Bitfinex Depth Chart and Buy/Sell Volume

Click here for the CCN.LA interactive bitcoin price chart.

What do readers think? Please comment below.

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Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

Last modified (UTC): January 22, 2016 17:04

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.