Bitcoin trading has picked up the pace as price moves more urgently around the chart, yet, in a smaller range.
Bitcoin Price Analysis
Time of analysis: 15h27 UTC
OKCoin 3Month Forward 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
Price activitiy is increasing but the range of motion has decreased during the past ten days.
There is no sure sign in the chart of any specific directional move that is due: in one sense the current pattern resembles a consolidation prior to advance; in another sense, we might be looking at the initial stages of decline in a wave that could target below the support floor near $200.
In these ranging, directionless conditions it is most prudent to stay out of the market. What looks like imminent upside now will most certainly look to be heading down a few hours later.
The best time to position is when price is already trending or gives signals that it is in the process of reversing. Neither indications are obvious in the chart.
One small, although perhaps insignificant, signal comes from the XT stable where Mike Hearn – unwilling to let sleeping dogs lie (as is his way) – has started a fresh round of accusations and mocking in the popular rant-forum Reddit. Usually, when Hearn starts his whining, you can be sure something stupid is next – a negative outcome for Bitcoin, no doubt.
Being ignorant is not so much a shame, as being unwilling to learn. – Benjamin Franklin
The bitcoin speculative market seems to have reached its natural conclusion after a terrific ride. An initial 3 years of steady advance had culminated in a spectacular top, followed by almost 2 years of decline to a base value in the low $200. During 2015, both the bulls and bears have pretty much settled on the current exchange price as a mean value. Left to their own devices they have not shown the necessary resolve to move below $200 or beyond $300. An external market vector may be needed to reinvigorate the stale bitcoin price.
Bitfinex orderbook depth and Buy/Sell Volume:
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Bitcoin price charts from TradingView.
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