Bitcoin Price Goes East
Bitcoin price continues trading sideways as the market ponders its next move. If price action repeats the corrective price pattern circled in magenta, we may see the next wave down in the coming days. There is an annual pivot level at the level annotated in orange. Price may pause at this previous low, and even bounce higher in a more complex correction, so the xbt.social trade recommendation that will be issued later today will only be for a half size position. The position can then be increased as decline continues below this strong support zone.
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The Bitcoin price is approaching the lower $400s again after hitting $450 following Tuesday's PayPal announcement. A familiar pattern is re-emerging in the chart, and direction remains sideways. Bitcoin Price Is Going... East. Trade has pulled the Bitcoin price back to the midway point between the lower orange support and the light blue dashed trendline that capped advance on Tuesday. Any tactical advantage of having climbed above both the 20-period and 200-period moving averages has been lost. Bitstamp Hourly Chart. Although the immediate BitFinex (right) orderbook bias indicates that....