Bitcoin Price Analysis: Exuberant Advance
Bitcoin price made a return to the previous wave high today and now looks to have resumed an advance. Or has it? The zoomed out BTCC 5min chart shows the articulation (subwaves) of today’s advance clearly. It’s an impulse wave and to be expected in this wave position. That it should be so strong comes as a surprise, but this same over-exuberance is what makes the wave vulnerable to deep retracement. A strong push higher today and many in the market seem to be buying like this is the blockreward-halving rally. If the outlook for additional decline is wrong, then advance beyond the 4hr 200MA....
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Trading pulled the Bitcoin price from $268 to $228 (1665 to 1407 CNY) on Sunday after an exuberant high was achieved earlier in the day. Profit-taking changed into cynical short selling until price reversed from support near $230, as discussed below. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Bitcoin Price Analysis. Time of analysis: 12h03 UTC. Bitfinex 1-Hour Chart. From the analysis pages of xbt.social, earlier today: The sell-off was relentless and retraced almost 76% of the prior advance. It is not unusual for a wave 2 (such as this) to....
Bitcoin Technical Analysis reveals that the uptrend is about to reverse from current levels. An exuberant breakout has fizzled out and lost critical momentum. Last week's article warned of a bull trap in the making. If the ensuing downturn is merely a correction, advance may return with a vengeance, but if large market players again fail to participate, matters look different. Takeaway. Traders and investors should brace themselves for a strong price reversal. The advance is losing momentum. Indicators signal overbought conditions and declining volume speaks of a lack of wider....
The bulls stampeded bitcoin price higher in a corrective advance on Monday and ran into a trap of their own making. When exuberant CNY buyers failed to advance price above the 1-day 200MA, the noise in the trading pit awoke The Bear. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 15h02 UTC. OKCoin-3Mth 1-Hour Chart. From the analysis pages of xbt.social, earlier today: The OKCoin 3Mth futures 1-hour chart and a look at the momentum....
Bitcoin price, over the weekend, unfolded five declining subwaves and should now advance. The prevailing pattern of price shows similarities to a pattern at the end of January (prior to consolidation) and another in mid-February (prior to advance). This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 04h45 UTC. Bitfinex 15-Minute Chart. From the analysis pages of xbt.social, earlier today: Bitcoin price has made five declining subwaves and....
Bitcoin price has corrected the past week's spectacular advance in five waves to the downside. The decline may be over or it may still reach lower in the days ahead. Let's see what clues there are in the chart. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 14h45 UTC. Bitstamp 15-Minute Chart. From the analysis pages of xbt.social, earlier today: The 15-minute chart, above, shows a close up of price action during the past five days,....