Bitcoin Price Advance Loses Momentum

Bitcoin Price Buggy Low MomentumBitcoin Price Buggy Low MomentumBitcoin price has moved in a narrow $12 range since the beginning of June, and is currently below the 4-hour 200MA (red) with indicator room for perhaps one more high near the 200MA before it must draw lower or, once again, consolidate.

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Bitcoin Price Analysis


Time of analysis: 08h42 UTC

Bitfinex 4-Hour Chart

Bitfinex 4-Hour ChartBitfinex 4-Hour Chart

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

The chart above shows price history since March of this year and the sideways-to-down consolidation below the 4-hour 800MA (purple). In early May the market was able to trade price to above the 200MA (red) but the initial exuberance quickly fizzled out as the resistance of that overhead 800MA weighed down on sentiment.

The current wave up does not have the characteristics of an advancing surge. It seems unlikely that this wave will climb above the 200MA and then challenge the 800MA. Instead, the lack of momentum speaks of waning bullish confidence. The bears have already been unable to get a new low since January, but the bulls don’t show increased confidence as a result of the bears losing power in the market.

The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell. – John Templeton

CoinCompetition

 CoinCompetition leaderboard 15h41 100615 CoinCompetition leaderboard 15h41 100615

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Summary

Bitcoin price continues narrowing its trading range and the consolidation of longer term moving averages around price imply a long-term consolidation is underway, as outlined by xbt.social analysis during the past 5 months. There is nothing to do or say about a market that is losing momentum. As the global economy slumps, so does interest in Bitcoin, it seems. We can only wait.

Bitfinex orderbook depth and Buy/Sell Volume:

 Bitfinex depth buysell volume 15h40 100615 Bitfinex depth buysell volume 15h40 100615

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. Not a member? Join now and receive a $29 discount using the code CCN29.

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Disclaimer

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.
Images from Shutterstock.

Updated: June 10, 2015 at 12:40 pm CET.

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