Thursday, January 18, 2018
Home BREAKING NEWS Bitcoin Price: Compulsive Buyers Cool Down

Bitcoin Price: Compulsive Buyers Cool Down

Bitcoin price dropped below $420 yesterday and continues sideways in most exchange charts while compulsive buying at the Chinese exchanges attempts a revival of the strained, low-volume advance.

This analysis is provided by 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

OKCoin 3Month Futures 1-Hour Chart


From the analysis pages of, earlier today:

Unusual for the strangely coordinated bitcoin chart, today saw divergence in price action across exchanges. Whereas the USD exchanges (notably BTCe, Bitfinex, Bitstamp) have held near $420 for most of the day, the Chinese exchanges (BTCC, Huobi and OKCoin amongst others) have swung strongly in the chart area below yesterday’s high.

Early trade saw price make a larger correction from yesterday’s high. Again, there was disparity between exchange charts: price hit the top of the channel trendline illustrated in yesterday’s analysis chart (light blue), while the OKCoin 3Month shown above did not hit this upper resistance level and the bulls in the exchange are throwing everything including the kitchen sink and their grandma at trying to complete the journey.

If the current correction, apparent in the majority of charts, will continue lower then price must get below the 1hr 20MA (green) and in this case it is likely that price will target the lower channel trendline (light blue) and, if decisive, the red Fibonacci trendline.

Until we see price break below that lower channel trendline we can only assume that the uptrend will continue.


Bitcoin price continues advancing without technical support and the bulls will retain control of the uptrend until the lower channel trendline is broken. Had it not been for the fundamental security threat posed by non-science, and dangerous, populist-led projects like Unlimited and Classic(TM), this uptrend would have been believable – and enjoyed more participation.

Bitfinex Depth Chart and Buy/Sell Volume

Profit-takers wait overhead.


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

What do readers think? Please comment below.

This analysis is provided by 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.


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.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

Read previous post:
Bitcoin Comic Book Has A Story Beyond Its Pages

Visitors to the Bitcoin Center Buenos Aires, home of Bitcoin Argentina and several bitcoin startups, are reminded of the dramatic...