Bitcoin price is pushing toward its three-month resistance ceiling. Technical and sentiment analysis argue for a return to decline, and fundamental analysis shows that Bitcoin’s value is more fragile than many realize.
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: 15h00 UTC OKCoin 3Month Futures 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Friday’s technical analysis concluded that the outlook for bitcoin price is bearish while price fails to break above the prevailing resistance ceiling (blue down-sloping line in the chart). Going forward, technical analysis will be informed by the position of price in relation to this ceiling: if the market can successfully trade price above it, we can expect continuing advance. As long as price remains below it, we can expect another series of lower lows.
Should price fall away from overhead resistance, the downside target is the 4hr 200-period moving average (red in the chart above). Social Mood
Yesterday, sentimental analysis considered wider public interest in Bitcoin as reflected in Google search trends. Assuming that the majority of mainstreet uses Google as their go-to search engine, the frequency of searches for the term ‘bitcoin’ has been declining.
Social mood in the Bitcoin ecosystem, it was concluded, is negative. Factions have polarized on either side of the “blocksize debate” and discord is rife. The contentious actions of a few tear-away developers and exchange owners threatens the security and integrity of Bitcoin and renders the commodity money a risky investment vehicle and potentially dangerous to hold. Store of Value An outcome of this fundamental insecurity that surrounds Bitcoin is that speculators and investors concerned with the faltering global economy are […]
