Bitcoin Price Prints a Recovery High


Bitcoin price has been wasting everybody’s time while the market conceded to jittery [high volume] trade in the CNY exchanges. China may be the world’s second largest economy, but it is not the first. US traders and their European prodigenators can establish dominance in the chart, if they think themselves big.

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Bitcoin Price Analysis

Time of analysis: 16h10 UTC

OKCoin 3Mth 1-Hour Caart

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

A move to target, and $4 above. One wonders where those 5,000 unit sell orders at $240 have their owners sitting now.

The move up is a testament to Bitcoin and its ability to haul distance when other assets can only muster a few pips a day. A $12 move and $120,000 profit for a nominal bitcoin position cannot be called anything but success in the xbt.social orderbook.

For now we relax and watch the price action wind down. There will be more eager beavers thinking this is the start of their life’s fortune while the large hands move in to realize profit. As the market saying goes: “Once you notice a move, it’s already over”.

How will the market will react to the extra upside? The switch from being jittery compulsive profit takers to being balls-deep bulls is not convincing and some nervous large hands, somewhere, must be furiously exchanging phone calls to try to establish a sell-level.

Wherever they find their inner Homer, they’re going to fumble the ball on the way up or down. Plus: there is always a bigger fish busy feeding.

That cotton trade was almost the deal breaker for me. It was at that point that I said, ‘Mr. Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain?’ – Paul Tudor Jones

Summary

Traders should wind down upside position now. It may look like the bitcoin price is going to run to the moon, but it cannot. Psychological weakness of market participants will draw price lower before it can advance again. At this time, it’s the US vs China and unproductive coffee-buying convenience versus future-valued practical smart contracts. Weakhearts should step aside and let the big dogs settle this score.

Bitfinex orderbook depth 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.

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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.