Bitcoin Price Sell-Off But Advance Not Over
Bitcoin price sold off from just below $450 to $430. The market may be wondering whether this is the start of a downtrend, but wave analysis shows that the advance has more upside in store. A sell-off has drawn a long red candle in the price chart and retraced advance since Friday. According to the wave count in the chart, bitcoin price is apparently extending its 5th waves and has just completed wave 3 of the larger advancing wave. The current sell-off would count as wave 4, and that implies another advancing wave – wave 5. The 4th wave (today’s sell-off) had targeted the area (magenta....
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Bitcoin price continues correcting as the prospect of advance dawns on the market. The general hesitancy to join trend is understandable given this chart’s perverse tendency to fake-out on apparent trending moves. The melodrama of decline in the Chinese exchanges has proven to be just that – every time. They cannot sell lower because there is nothing for the bears down there. The potential reversal at $630 looms but seems less likely as 1day MACD crosses above its zero line at the time of writing. Yet, the situation remains: price advance is constrained by the $630 level and the MACD....
Bitcoin price continues holding a sideways course since the $550 high. Advance to $600 should be next but bull-headed buying into bearish technical conditions prevents the current price correction from completing, thereby, also delaying advance. Price is tending lower but we’re not seeing a uniform combination of xbt.social sell signals across exchange charts. Additionally, the local support level (blue) around $520 in the Bitfinex chart may prevent decline to the 1hr 200MA (red) near $510, so the recommendation is not to take the sell trade at this time. Strong buying is preventing....
Bitcoin trading is prolonging the sideways price path despite several opportunities, during the past few days, to break out of the consolidation into either advance or decline. What is the market waiting for? Bitcoin price fell through both the reference Fib line and its 4-hour 200-period moving average, and still no definitive sell signal has formed in either the 1-hour or the 4-hour chart. The price pattern resembles a base of advance, if viewed a certain way, but it also resembles a B wave teetering on the edge of a precipice – with an imminent sell signal threatening to implode price....
The bitcoin price holds sideways in pattern suggesting advance. Another rewarding week in the market and it does not look like the advance is giving up. Technical analysis finds price targets and risk levels. During the past 24 hours we’ve seen price hold above the low established by yesterday’s profit-taking sell-off. The 1hr candle OKCoin BTC/USD chart, above, shows price at the bottom of a rising channel with MACD (just above price) also at the bottom of the range defined by its Bollinger Bands. The implication is that price is now free to advance again. The top of the rising channel,....
Bitcoin price has returned to its recent resistance ceiling where large sell orders have halted additional advance. As remarked yesterday, a bullish 15-minute chart condition had catapulted price higher, but profit taking at the resistance ceiling near $460 and $3030 has prevented additional advance. With price trading above its 1-hour 200MA and a bullish cross-over of the 20MA to above the 200MA, there is a high probability that the advance may continue, but let’s wait to see price break the resistance ceiling before making a bet on such an outcome. Bitcoin price has risen to near its....