Wednesday, January 17, 2018
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Bitcoin Price Corrective High

Bitcoin price was pushed higher by eager buying today. The price move shows signs of being a corrective advance that will soon give way to the declining scenario discussed in weekend analysis.

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

OKCoin 3Month Futures 4-Hour Chart

Selection_20160229_005

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

Although the resistance ceiling is still some distance above price, it is likely that the current advancing wave is close to making (or has already made) a corrective top.

The wave looks aggressively impulsive, but there is no reason to believe it will achieve a new high above the top formed nine days ago. There are no buy signals at any timeframes and the indicators are generally overbought. In many ways, the present wave is typical of an impulsive C wave in the final position of an upward correction.

If price tops out at current levels it is unclear whether a sell-off will take hold immediately – and sharply – or whether the market will take some time to consolidate. There are many sell-orders above price but the buyers are still eagerly piling in, as can be seen from the impulsive price action. It may be that the end of advance only gradually finds acceptance among the bulls, hence leading to a stair-stepping decline.

For now, we observe and wait. A clear sell signal should get us into a profitable decline.

Summary

Bitcoin price has fulfilled expectations by re-attempting advance in a zigzagging corrective wave. We now wait for confirmation that the upward correction is complete, before engaging in short trades down to the 4-hour chart’s 200-period moving average (red arrow in the above chart) near $400 (Bitstamp) and 2700 CNY.

Bitfinex Depth Chart and Buy/Sell Volume

corrective high

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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