The Market traded a full retracement of the week’s zigzagging advance. Weekend trade has pushed the Bitcoin price higher but is it shuffling to the edge of a cliff?
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Bitcoin Price Analysis
Time of analysis: 15h29 UTC
BTC-China 1-Hour Chart
Why The Preference For BTC-China Charts In Analysis?
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From the analysis pages of xbt.social, earlier today:
The similarities between the tops formed by the two price waves in the chart are uncanny. Will we really see a repeat of the stair-step decline of 22-26 April? It certainly looks like this is what’s happening as the indicators mimic the build-up to the dramatic drop. But by mentally completing the decline and visualizing what the chart would look like we realize that the exercise renders a picture we’ve never seen in any chart before – two identical waves in succession. It seems implausible.
Currently, the indicators and MAs are slightly ahead of the previous decline’s development. If price will go down then, it must start the process now. It may be that this is a bear trap being set – a conspiracy theory without evidence – yet, how does one explain the duplicity of the two waves?
Setting aside disbelief, we will see a sell signal when price crosses below the 20MA (green) and its moving average companions. A Trade Recommendation will be drafted in anticipation of this outcome and, definitely, a second Trade Recommendation for the scenario of upside continuation.
CoinCompetition Round-Up
Readers and participants will find the daily CoinCompetition leaderboard here at CCN with updates of the world’s first Bitcoin trading competition.
Leading the pack on the second day of competition are KRACH, daryvin and takbir. The initial early leader was one Dries van Gestel (if memory serves corrects data) who must’ve spanked the leveraged long trades with vigor at the opening of the competition, only to fall off the leader board when yesterday’s sharp reversal set in. That seems to have been the moment when competitor KRACH opened a can of special shorts that gained her almost 14% profits – and the lead in the world’s most illustrious (well, only) Bitcoin trading challenge.
There will be plenty of changes in the leaderboard, in the coming week, as the infamous Bitcoin cryptocoaster separates the skilled from the lucky. Who will be the mindful trader to see past the wind-chop and spot the best waves to ride?
Join CoinCompetition today and win 5 bitcoins. Competition is open.
Summary
Bitcoin price has been slowly advancing toward tough chart resistance around $240. Price waves are mimicking the patterns that preceded a terminal decline from previous price highs at this level. It would be unusual to see a similar drop repeat itself in the chart, and despite the number of participants piling into the sell-side an advance is being anticipated. Any advance above $250 (Bitstamp) and 1480 CNY (BTC-China) will flash bullish signals in the chart and should prompt advance to at least $270 and 1600CNY.
Bitfinex Buy/Sell Volume during the past hour and the past day:
Click here for the CCN interactive price chart.
What do readers think? Please comment below.
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Disclaimer
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.
Images from Shutterstock.
