Wednesday, January 24, 2018
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Bitcoin Price: Again, There And Back Again

Bitcoin price has been declining all day. The failure to continue higher turns our attention back down in the chart.

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.

Bitcoin Price Analysis

Time of analysis: 13h30 UTC

OKCoin 3Month 4-Hour Chart

Selection_20160206_004

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

Price is going to ground after failing to get above the Fib line resistance drawn on the 4hr chart.

We now have confirmation that there is still a corrective price pattern at play, and the next challenge is to determine if decline will be halted at the recent support floor visible lower in the chart (bright blue), or if the chart is setting up for a large declining wave to the support floor at $320 (Bitstamp) and 2100 CNY.

Price remains below the descending 4hr 200MA, and continuing decline will soon see valid xbt.social sell signals form across timeframes. A massive upward reverse divergence is evident in RSI (annotated in magenta) which should generate a strong downward price reaction.

Unfortunately, yesterday’s top reversal happened too quickly for us to get valid signaling to position short, yet the upside price wave was comparatively small in relation to previous corrections.

Summary

Bitcoin price failed to achieve terminal velocity for a rally, and is now returning to support at $365 and 2450 CNY. According to the smaller timeframe indicators an upward correction should unfold before price reaches support. So, for now, all bets are off until we see the sell signals start compounding.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin 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.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

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.

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