Bitcoin price has turned back down and is challenging its bellwether 1-hour 200-period moving average. Below it lies the critical $240 price level – a breach of which will open a potentially profitable declining wave, and hopefully the last downward cycle for the season.
Bitcoin Price Analysis
Time of analysis: 18h05 UTC
Bitfinex 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
Price has broken below with its 1-hour 200MA and the Fib line in this vicinity. In different exchange charts both these levels have been criss-crossed at various times since Saturday, so there is no special significance to the current decline – we still wait to see it drop below $240 and 1490 CNY before we enter our trade.
As the chart looks now, it is possible that another wave (wave “e”) to the upside unfolds before the larger decline we intend to trade. Reversal to the upside and the resumption of advance will be a surprise at this stage, but it is not impossible, hence our tactic of waiting for price to cross below the Bitfinex annual pivot at $240.
An object at rest tends to stay at rest and an object in motion tends to stay in motion with the same speed and in the same direction unless acted upon by an unbalanced force. – Isaac Newton
SATRIA in 1st place. Nixian in 2nd. tole in 3rd. Lucky 7s for the Diabolicus.
It is early in the round and on Day 2 we have seen ranging price action. The field has done well to accumulate profit in a choppy market. Good luck to all.
Apologies to regular readers for my repeating the same message here – for the sake of first time readers, I will reiterate the medium-term outlook: Bitcoin price is completing (or has completed) a complex correction above $240. Price may make one more upswing but the probability of decline keeps increasing with every day that price draws sideways. If the market swings into positive spirits and wants to stampede to the upside, then a definitive low remains outstanding. Either way, the same $240 / 1490CNY level the market keeps avoiding is drawing it like a moth to a flame.
Bitfinex orderbook depth and Buy/Sell Volume:
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The writer trades Bitcoin. Trade and Investment is risky. CCN 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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