Bitcoin trading attempted a push to $300, yesterday, but failed short of the target. Bitcoin price is currently declining along with its descending 1-hour 20-period moving average and the support floor may comfort traders after the scary experience.
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Bitcoin Price Analysis
Time of analysis: 08h24 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
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A lot of pushing and pulling in yesterday’s choppy price action just below $300.
As expected, price is falling away from the area of contention and the price pattern reminds of the mid-March attempt on $300. What is strange is that the market had already surmounted the $300 psych barrier earlier this month, but yesterday’s trade would have you believe pushing to $300 and beyond was an audacious proposition.
Our Sell Trade Recommendation is open and we watch the indicators for signs of potential reversal while we wait for price to sag to the support floor near $287. It may not sink that low, but for now the market retreats from repeated failed attempts higher.
Today is FOMC day and market expectations of a rates increase is almost unanimous. We keep the scenario of a curve-ball as a possible outcome. Should the Fed kick the can, markets may be disoriented but an uptick in volatility avoided. Confirmation of an increase will set in motion a process of global money flow, central bank responses in-kind, and volatility increases. Bitcoin should see investment inflows, as a result.
Be aggressive in a trending market and conservative in a choppy market. – Vadym Graifer
Summary
Advancing mode does not manifest frequently in the bitcoin price chart, and the current chart conditions won’t remain true indefinitely. While most retail traders are bullish, it seems the larger players are waiting for confirmation from their Fed captains before they commit client funds to their ETFs. Whichever way it pans out, today’s 2pm EST Fed announcement should have a visible effect in the chart.
Bitfinex orderbook depth 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.
