Tuesday, December 12, 2017
Home BREAKING NEWS Bitcoin Price Analysis: Rally Opportunity Slipping Away

Bitcoin Price Analysis: Rally Opportunity Slipping Away

Bitcoin price quietly turned lower after failing to take advantage of a weak spot through resistance this weekend. At the time of writing price is declining from the recent high under a multiple timeframe sell signal.

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: 14h00 UTC

Bitstamp-Hour Chart

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

Bitcoin price formed a lower high overnight. The inability of the market to commit to action at the critical juncture may see the opportunity pass and result in price returning to decline.

Yesterday’s analysis described two important trendlines (grey and blue) that are currently intersecting above price in the Bitstamp chart. It was proposed that if price can break above this resistance, across exchanges, then a rally should be self-evident. If the market does fore go this trendline intersection, then the price pattern that has unfolded between the blue trendlines will conform to a corrective pattern that should resolve into a declining wave of unknown depth.

The 4-hour indicators are declining after having – all of them – diverged on the most recent high (magenta annotations). Average True Range (ATR, top panel) has barely ticked higher during the low trajectory advance to $432.

Potential downside targets in the Bitstamp chart are $418, $400 and $370.

If the market can somehow get above resistance at this late stage then the journey to $500 can be engaged.

Summary

The market has declined an opportunity to rally during the past few days and price remains below long-term resistance. Decline should set in after some additional indecisive trade in a market that has lacked conviction for several months.

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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