Bitcoin trading has been tracing a price path of higher lows and lower highs for the past 4 months. The narrowing price action will eventually approach an apex. This report provides a forward view.
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Time of analysis: 13h00 UTC Bitfinex 1-Day Chart
From the analysis pages of xbt.social, earlier today:
We have been witnessing increasingly strange orderbooks and odd-lotter market behavior. Both buyers and sellers place buy orders below the rising trendline, but at the resistance ceiling the buyers lose conviction and the sellers regain dominance.
The approaching juncture will force the bulls to become active buyers in the market, or else witness price drop irretrievably below rising support. The sellers, equally, will have no choice but to capitulate, else they must change their outlook to bullish. Neither camp has achieved a new high or new low after 4 months.
Price is approaching the intersection of the two containing trendlines. Hence, we find price (and market psychology) at a juncture: the inability to advance above the resistance ceiling now comes face-to-face with the 4 month-long determination to advance.
As discussed in prior articles, there is prevalent negative social mood in the Bitcoin ecosystem. If the majority of market participants are negative, trading direction biases to the downside. Uncertainty clouds the integrity of Satoshi’s Gift. We’re becoming increasingly unsure about its future, once glorious and immutable. Now, Bitcoiners – users, businesses, enthusiasts, developers and investors (both big and small) – are waking up to the reality that factionalism could potentially put the blockchain at risk.To the upside – the bullish outlook – most Bitcoiners do not perceive […]
