Bitcoin price made a new corrective low today of $239 in the Bitfinex chart although the BTC-China low of 1489 CNY made on the weekend remains intact. Price is currently pushing higher – away from the day’s low.
Bitcoin Price Analysis
Time of analysis: 16h58 UTC
From the analysis pages of xbt.social, earlier today:
Massive orders are building up just below $240, so it is possible that price could bounce at this level to return later, or that trend may reverse into advance. Until we see confirmation of decline or a strong reversal, we continue waiting.
At xbt.social our trading method and objectives do not make provision for scalping. However, given the current chart’s erratic price action, and since we are waiting for confirmation of a move, it may be useful to look at some scalping tactics.