Bitcoin Price broke to the downside after trading sideways for the day. Analysis, below, looks at the chart, and discussion explores the reasons around why price had stagnated – and then dropped.
This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.
Bitcoin Price Analysis
Bitfinex 15-Minute Chart
To the upside, the dynamic is different. The majority of the market wants advance, in fact, they crave it, but there is lots of fear and uncertainty. As soon as a wave rises too far it gets smacked down by nervous profit taking. The tension broke and price went over the falls and was finally halted at $210 as buyers piled in below price.
Summary
The Bitcoin price has broken below consolidation at $223. Large price moves did not seem likely during the “High Noon” stand-off between the bulls and the bears. Yet, today price bolted lower and is now trading nearer $200 once again. Will it go below? A magnetic line target courtesy of xbt.social member KiwiOz says $187 is likely.
Bitfinex Buy/Sell volume was evenly balanced right up to the moment before the drop:
Click here for the CCN interactive price chart.
This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.
CCN
Readers can follow Bitcoin price analysis updates every day on CCN.
