Bitcoin Price Retesting $240

xbt.social analysis has been biased to a decline below $240 for the past week. Yesterday, Bitcoin price dipped below this important support level twice before retreating again this morning. Following a pullback, it is anticipated that the market will return price to this level – a break below it implying decline to at least $235.

Readers are alerted to a new analysis update schedule: starting today, daily Bitcoin price analysis will be published at the start of the day (UTC). Articles will be updated with major market events, during the course of the day, where appropriate.

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Bitcoin Price Analysis

Time of analysis: 05h42 UTC

BTC-China 4-Hour Chart

BTC-China 4-Hour Chart

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

Price continues testing the $240 / 1488CNY level and may now retreat higher in the chart.

Price made a new corrective low across exchanges and the low is confirmed by MACD in the 4-hour chart, above. However, the last candle low had diverged from the previous low and price may now turn back up for a while.

The MACD confirmation of the low means that a reversal into advance is unlikely and downside should continue. The lack of divergence across all indicators strengthens this view.

We therefore observe the pull-back and keep our trade entry on ice.

International News

The scheduled Eurozone meetings around a Greece deal should have some news flashing over the wire later today.

It is difficult to fathom an outcome whereby there will be “no deal” and Greece is left to default on its debts to the IMF, ECB and European Commission. Instead, these creditors seem to be using the situation to push Greece and her people into making massive concessions and sacrifices – but a deal needs to eventually be struck. The alternative is too dangerous for the European economy, and therefore, the world economy.

The reason for raising this topic is that global economic turmoil is a high probability scenario. In an ironic twist, Bitcoin stands to benefit from currency insecurity and bank liquidity crisis.

What do readers think?

Also read: Greece: Creditors Have Not Accepted Our Proposals

It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong. – George Soros

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Summary

Bitcoin price continues falling away from the recent high near $258 (Bitfinex). We do not yet have confirmation that a larger decline is in force. Until we do, we assume this to be a corrective market phase and watch how price reacts around the $240 support level. A break below it should target at least $235, with $230 and $222 as additional decline targets.

Bitfinex orderbook depth and Buy/Sell Volume:

 Bitfinex depth buysell volume 11h03 250615

Click here for the CCN.LA interactive price chart.

What do readers think? Please comment below.

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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.