Tuesday, January 16, 2018
Home BREAKING NEWS Bitcoin Price Holding At $450

Bitcoin Price Holding At $450

Bitcoin price re-attempted $450 (Bitstamp) and 2900 CNY (BTCC) earlier today.

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

Bitstamp 4-Hour Chart

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

Bitcoin price remains around $450 (Bitstamp) and 2900 CNY after advance halted at these levels yesterday.

Most traders, myself included, expected price to rally parabolically toward $500 after breaking above long-term resistance at $430. Yet, here we see the market grapple with a resistance layer from which it could potentially reverse.

The current advance is happening on low volume and therefore with little institutional participation. During the past few months the market has made upward moves during times of lower liquidity (e.g. weekends) and most of those were quickly retraced. While more buyers could join the move if price pushes above the envelope, and volume increase appropriately, there is a greater chance that price returns to the low $400s.

Summary

If price establishes above $450 and 2900 CNY, this would increase confidence in continuation of the rally to $480 and 3000 CNY. Not getting above these resistance levels could open decline back to the low $400s and 2700 CNY. The initial sign of a larger decline would occur when price trades below its 4-hour 20MA (green).

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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