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Bitcoin Price Racing Towards Support

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Bitcoin price continues declining and we have to ask “why”? Unfavorable news? Bad fundamentals? Truth is: neither – commodities rise and fall due to leveraged speculation in their price charts.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now.

Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 1-Hour Candle Chart

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

Bitcoin price is at a strange juncture: the 4-hour and 1-day timeframes are about to enter a bearish technical condition, yet, a large hand in the market could miraculously find support at current levels.

The technical factor that implies that the largest players in the market are interested in decline, is the fact that they have not defended the ascending trendline (blue) that would have secured another wave higher.

It may still, magically, transpire, but if the 4-hour and 1-day charts turn bearish (according to xbt.social indicators) in the coming days, we may be facing a substantial decline: primary target $600 (Bitstamp) and 4000 (BTCC); secondary target at the previous decline low of $560.

Buyers are piling in – its a new low, right? – but a departing tide lowers all boats. We may get a month-end discount buying opportunity – the retail bulls are, apparently, all-in and without reserves.

Summary

Bitcoin price declines and the technical indications favoring selling escalate. This happens toward the end of every meaningful correction, so don’t change horses in the middle of the stream just yet. $650 (Bitstamp) is critical, followed by $600.

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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