Tuesday, January 16, 2018
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Bitcoin Price Edging Lower Prior To Surge?

There is still very little to deduce from the bitcoin price chart. Whether looked at in the larger or smaller timeframes, there are no definite signals to trade.

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: 13h00 UTC

Bitfinex 15-Minute Chart

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

The 15-minute chart moving averages are in disarray and the technical indicators hardly provide profitable signals. For example, the stochastics (second from top) signal a large number of conflicting divergence signals – but how to discern which one is a reliable entry signal? Some precede medium range moves, others – accompanied by MA cross-overs – result in tiny moves.

The overall impression is that the market sentiment is in flux. The orderbook weighting changes regularly. Sometimes there are large numbers of buy orders below price, and at other times the sellers dominate the orderbook. All the time, the range of price is narrowing – something that is more clearly visible in the 4hr chart’s MACD compression.

If the market is consolidating into an advance, then it needs to be clearly signaled in the 1hr and 4hr MAs before we can participate. However, a look at the 4hr and 1day charts shows that the price wave still looks incomplete to the downside, where a decline to $320 and 2000 CNY would result in a more balanced looking swing cycle.

Summary

As pointed out, yesterday, a consolidation will be easy to identify and we can expect a series of buy signals when advance begins, while a sure confirmation of additional decline will be a breach of the supporting blue trendline. With the current chart unclear, the market undecided and no signal to trade with confidence – we wait.

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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