Bitcoin price has slowly gained alttude in a non-committal rise to $450. This analyst keeps questioning why the market compulsively buys price up when the technicals are pointing down. Some say that perhaps the market is trading the expectation of a block reward rally.
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Time of analysis: 14h00 UTC BTCC 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price keeps rising steadily from the crash low and there seems little concern from the buyers for what they’re buying into.
Price remains below the 1-hour 200-period moving average (red) and the momentum indicators are running out of upside at this timeframe.
RSI is reverse diverged to the previous high (magenta annotations).
The stocahistics (top) have slammed to their upper extreme and MACD has overshot its zero-line as the bulls over-eagerly pile into what may appear to be a resumption of the advance. See The Bear There In The Woods The technical factors that inform the notion that this is not advance include:1) the rounded shape of the recent top,2) the rounded, forward leaning shape of the current upward correction,3) the established chart pattern that downward price moves consist of at least 3 waves – this is the 2nd; and4) a bearish 4-hour chart – that, if it breaks down, will pull the 1-day chart into a bearish technical state. Block Reward Halving – Woe Be Unto The Miners! Denial is a terrible thing that never acieves its goal. It only wastes the time and energy of everyone involved. Eventually, denial must yield to what had been self-evident reality all along. Plainly stated: There is no […]
