Bitcoin Price Slams Lower
Full moving average contraction is evident at the 15-minute timeframe. In the 1-hour chart we waited for the moving averages to join the eastward path of price, but Bitcoin price began to curve away from price to the downside.
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
Bitfinex 1-Hour Chart
Also Read:Why The Preference For BTC-China Charts In Analysis?
From the analysis pages of xbt.social, earlier today:
Back in the 1-hour Bitfinex chart, and we see the last moving average arriving on the scene of price action. Instead of drawing level to the path of the MA, price has curved away from it in a familiar curving path that characterizes the waves in the chart.
A similar instance, earlier in the wave preceded strong decline. However, before traders reach for the sell button… notice that the structure in the left of the chart – although having a more pronounced dome – has similar internal waves to the present structure, yet saw reversal at its conclusion.
Remember, we’re not trying to guess which way price may break, so that we can trade it. We’re trying to establish what kind of larger wave structure is unfolding so we may know if trend will continue down or reverse back to $300.
Downtrending price may slam lower, but we need to observe if it can reach simple Fib targets lower down, since this has been a problem for the market, and what prevents us from confidently trading at the moment. Patience. There are many more price waves to come.
At the time of writing:
Price has dropped to 1400 CNY and $225 (Bitfinex) where there are several layers of resistance in the chart. However, if price pushes lower, the $210 and 1300 CNY levels are likely targets since these are tough previous levels of resistance from February.
Summary
Bitcoin price has made its way lower in a larger wave that is pushing into stronger buy demand levels. Eventually it must reverse, and with each layer of resistance it penetrates the likelihood of an end of decline becomes more likely. At the moment it is best to remain out of the market since moves lower tend to be quickly retraced and upside moves have been falling short of target. With these prospects, it is better to wait for a clear opportunity to present itself.
xbt.social member unplugging from the Matrix:
Earlier, Bitfinex Buy/Sell volume sticking to the middle way, like an exchange boss.
Via:https://www.cryptocoinsnews.com/bitcoin-price-curvature/
by 