Bitcoin Price Coiling Up Tighter


Bitcoin price is maintaining an east-bound course as we start counting weeks and not days in this nondescript pattern.

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Bitcoin Price Analysis

Time of analysis: 15h32 UTC

OKCoin 15-Minute Chart

OKCoin 15-Minute Chart

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

A quick glance at the 15-minute chart, above, shows the narrow price range and flat trading conditions.

One scenario, as discussed during the past week-and-a-half, is that price just keels over and continues downward. Another scenario that we should bear in mind can be found in the historic chart in late-February when price made a similar pattern and then advanced step-wise for almost a hundred dollar distance.

There is not much we can do other than keep the ascending and declining scenarios in mind for now. It does not seem likely that bitcoin is going to make a major move just yet – the market seems confused and pulled this way and that by indecision and uncertainty. We act on a signal when we see one – with more caution than eagerness to get in early. We want to be sure that downside is not just a dip prior to a launch.

Global markets are in a bad way and the warning signs that massive volatility is about to take hold of markets are appearing everywhere. In line with what is outlined in Fiat, Credit, Deflation Bitcoin, keep your money in cash notes (not in the bank) and the general advice seems to be to get out of any equities, mutual funds and third party investments you may hold.

In a depression, he who loses the least wins the most. – Safe Wealth International

Summary

There is only patient waiting as the large institutional bitcoin players remain hands off and the smaller fish position long and short in a narrow range. Somethow, it seems, this time the impetus to move will come from global markets.

Bitfinex orderbook depth and Buy/Sell Volume:

 Bitfinex depth buysell volume 22h23 020915

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

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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.
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