Tuesday, January 23, 2018
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Bitcoin Price Corrective Relapse

Bitcoin price fell back from resistance ceiling earlier today as large sell orders loom overhead.

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 Trading and Price Analysis

Time of analysis: 14h30 UTC

BTCC 1-Hour Chart

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

As per the past two days of market action, an early-day bullish 15-minute chart condition catapults price higher, and then profit taking at the resistance ceiling near $460 and $3030 pulls price back to support.

Yesterday, we were pleased that price was trading above its 1-hour 200MA after a bullish cross-over of the 20MA to above the 200MA. With little indicator signaling price has dropped back below the 20MA but holds above the 200MA. So, the 1-hour chart is not a strongly bullish, but it is not bearish either.

Summary

Bitcoin price has fallen away from its previous highs, but only moderately. The move may be part of a larger consolidation, but if price can hold above the 1-hour 200MA then advance to a new high is possible. The alternative, below the 1-hour 200MA, is that price returns to the $430s and low 2900 CNY levels before advance resumes into the new year.

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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