At the time of writing bitcoin price is declining to support with previous days’ reluctant selling giving way stronger – but still hesitant – decline.
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Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
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The 1-hour chart show a large scale consolidation underway.
The familiar base building pattern turns our outlook to bullish.
However, not to be fooled, traders want to avoid opening positions just yet. Unlikely as it seems, there is still a chance that the market may sell off to $320 (Bitstamp) and 2100 CNY. This is why we wait for a valid set of confirmations before choosing the direction of our bet.
Prudent traders should open a long position only when price breaks above the descending blue trendline that has constrained the triangle pattern. Similarly, price falling away below the supporting trendline (a Fib line from June last year) will open up a large can of downside. So, wait for price to confirm the direction of trend.
In the advancing scenario it is unlikely that price will launch and run to $500 and beyond. First, the market will have to navigate several resistance layers between here and $470. The chart may, for example, form a more complex base that will see price, later, return to current levels.
Summary
Bitcoin price is edging closer to a watershed, but it is difficult to anticipate “when” – it may be today or in a week’s time. As is the strange way of the market, it is most likely to happen when you least expect it, so keep a calm, but vigilant, eye on the trendlines that have constrained the current price pattern.
Bitfinex Depth Chart and Buy/Sell Volume
Click here for the CCN.LA interactive bitcoin price chart.
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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.
