Apparent price breakouts are occurring with greater frequency as the Bitcoin price chart is shunted this way and that by concentrated forces inside a narrow consolidation channel. The bears are convinced price is about to drop to the floor. The bulls are stacking orders for a spectacular rally. Best to buy one ticket for each show.
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Bitcoin Value and Price Analysis
Time of analysis: 15h59 UTC
BTC-China 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
The past hour’s local high seen at Bitfinex and Bitstamp does not print in the BTC-China chart. Like Bitstamp, it too, is apparently unfolding a different pattern and wave sequence.
The divergence between exchanges, the different wave sequences, as well as, the persistent sideways price action calls into question our Trade Recommendation’s “Open” status. Price may launch into our chosen direction at any moment, or it may only do so next Sunday. We should not leave open positions in the market if there is no movement in our favor.
The easiest and quickest way to cut short a doubtful or losing position is just to close it at the most opportune moment: when there is sufficient liquidity nearby, or on a local price high/low.
xbt.social member comments:
CoinCompetition
Outlander trades a few corrective subwaves, takes the second spot, and retreats into a cash position – a wise move during the current uncertainty. The Neolystic1 executes 30 more trades – gives up some profits in the process – but had enough in the bag to maintain position. tiapan84 holds onto a short position and during today’s updraft sacrifices some profits and gives the fifth place to the trading pit masked luchero, Diabolicus.
If this Bitcoin multi-year price wave consolidates into a two-week tapering wedge with $0.50 price range, then the top ten is edified in the leaderboard above. But if Bitcoin changes gears and drops the clutch, as it always (and unexpectedly) does, we’ll still see how the crypto-coaster can play Rubik’s Cube with traders.
Eighty percent of success is showing up. – Woody Allen
Summary
Bitcoin price is in a state of flux. It is no longer volatile, but the price chart is changeable and ambiguous. Speculators should wait for Bitcoin price to come out the other end and show its direction before placing larger bets. Today’s esoteric chart (top) reveals an interesting date near the end of May when price will reverse direction in whatever trajectory it was on.
Bitstamp orderbook depth and Buy/Sell volume:
What do readers think? Please comment below.
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