Bitcoin price continues consolidating to resistance at $470 (Bitstamp) and 3000 CNY. Technical analysis looks at the significance of these levels and what they suggest for trend.
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: 14h00 UTC BTCC 1-Day Chart
From the analysis pages of xbt.social, earlier today:
There are some differences in the relative position of price in the various exchange charts. The CNY exchanges are at their 3000 CNY psych level, whereas most of the USD exchanges are still below their equivalent psych level at $500 – but hitting a horizontal resistance level at the December top. This level is at $470 in the Bitstamp chart.
The current juncture of price is, therefore, one where we can expect to see a reaction – either reversal back into decline, or a large correction before price proceeds higher.
It is easy – in hindsight – to identify the optimal entry points into the advance since 9 April. Yet, it is no crime to find reasons not to trade – and there were many. Although it is frustrating to sit out a profitable move, but caution, and staying out of the market, has never lost anyone money. Even when in doubt, 50:50 (BTC vs fiat) funds allocation means that half of a bitcoin trader’s holdings (BTC) will appreciate during a price rise when the trader may the lack conviction for trading.
Despite misgivings, low volume and fundamental concerns, price has now reached a chart position with a high probability opportunity for trade. If trend will continue it should do so, parabolically, after correcting at the 3000 CNY level, and the level of the previous […]
