Bitcoin price wasted more time below resistance, today, as the bulls bought into an assumed rally. Indeed, a rally is possible, but the exchanges have more to gain from pulling price down into liquidation than giving small fish retail traders what they explicitly want.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
OKCoin 3Month Futures 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price formed another lower high overnight. The bulls are supercharged. As if the only option is to be long on a low trajectory, low volume high since last week.
The advice remains that traders should allow the market to battle it out and join the move only when the technicals confirm a move in either direction.
At this time, a bet on downside is becoming the higher probability wager, asince the upside move has failed to achieve a higher high in most exchanges.
The market is apparently declining. The $430 (Bitstamp) level remains significant since a daily candle opening and closing above this level will confirm advance. So far, this has not happened and the slumping price action suggests lower lows are coming back into play. Don’t forget that agent Andresen is still pulling business and government strings behind the scenes. Andresen and his fumbling disciples want price higher, but social mood requires it to go lower.
Bitfinex Depth Chart and Buy/Sell Volume
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Bitcoin price charts from TradingView.
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