Bitcoin price has lost most of the volatility that got it to this altitude, and trade is now cooling down into a slight decline. Today, price lost the $250 level and may need to correct still lower in order to resolve the recent surge.
Bitcoin Price Analysis
Bitfinex 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
A brief update this morning because nothing in the price chart has changed since yesterday’s analysis.
Just prior to 12h00 UTC, MACD is at its center line (zero) after making a reverse divergence to the downside. The RSI and stochastic indicators [not shown] are in neutral territory, as is price – midway between the level of the 1-day 200MA (upper magenta arrow) and the 4-hour 800MA near $24o in the Bitfinex 15-minute chart, above.
The sense is that $240 needs testing. If the 4-hour 800MA at that level fails price may seek support at the $240 level (lower magenta arrow).
Going higher, the 1-day 200MA at the advance high ($258 – upper magenta arrow) will be resistance – and above it lies a bullish zone that extends to $300 and this year’s high near $320.
Price action may meander today, and the chances of having meaningful price action on a Friday are low.
Following the above analysis the market had slowly traded price downward, with MACD falling below its zero line. The decline targets mentioned above become more likely, with hopes of upside fading, for now.
In order to achieve superior results, an investor must be able – with some regularity – to find asymmetries: instances when the upside potential exceeds the downside risk. That’s what successful investing is all about. – Howard Marks
ryo continues to hold the lead and has switched to a USD cash position (sensible in the face of anticipated decline). He has taken a position sized to 25% of his account – presumably building a short position.
The hackedprogrammer is fully committed and presumably trading the market short, judging by his profit increase since yesterday. Ditto kaymuddin, in 3rd place.
Bitcoin price is meandering near the highs, although today’s slow decline has pulled price below the $250 psych level. Decline can now easily reach for the $240 target and, at a stretch, the raised $230 support floor. The power of the surge to $258 shows us what is in store, later, but for now additional upside appears to be less likely.
Bitstamp orderbook depth and Buy/Sell Volume still has that (apparently) 20k BTC staggered position laid out to $230.
What do readers think? Please comment below.
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The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
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