cryptocoinsnews.com / VENZEN KHAOSAN via xbt.social / 13/08/2015
Bitcoin price looks like it may make a drop to new lows, but then again, gold is pushing higher; actually the US dollar is strengthening – oh, wait the yuan is being devalued… The pushes and pulls on prices are extreme. Like Cargo Cult members expecting the best or the worst, bitcoin traders are left unsure in a vacillating market.
Bitcoin Price Analysis
From the analysis pages of xbt.social, earlier today:
Price direction is ambiguous. A futures chart is presented.
It shows what the panicked yuan charts are over-representing and the cynical USD chart are under-estimating.
The BTC-China advance has been resisted by the 1-hour 200MA like it was on a previous occasion. The MA alignments are currently similar to the previous instance of reversal and we would expect a gradual decline culminating in a sell signal.