Bitcoin price found support at $430 (Bitstamp) and 2875 CNY during the past two days. Price action remains directionless with eager profit taking on any move higher, and yet, buyers have prevented a new low in the chart.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
BTCC 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
We have a potential bullish chart condition: a 15-minute xbt.social buy signal is forming, and the 1-hour chart is advancing too.
But even so, the current chart does not inspire confidence: a new high has yet to print, and sellers continue placing large profit-taking orders just above the current area of price action.
Despite a 15-minute xbt.social buy signal, the indicators at the 1-hour timeframes are overbought. We’ve had successful trades throughout November and December and the prudent approach, at this time, could be caution of over-milking the cash cow.
The risk, as always, is that a rally ignites in the bitcoin chart. Given the thin, illiquid holiday market