Bitcoin price, as a commodity, criss-crosses its chart range. A reward-halving rally is still possible and is looking more and more likely as other global commodities sink into a recession quagmire.
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Time of analysis: 15h00 UTC OKCoin 3Month 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The trader is essentially an analyst – a researcher looking for opportunities.
Bitcoin price remains in its consolidative range and we await movement out of the band defined by the recent corrective highs and lows. Prediction, at this point, seems irrelevant: we’re going to get a signal to one one side or the other – and trade it. The repeated failures at advance after a supposed “bullish” halving event may signify a looming decline but until now the odds are stacked in favor of a return toward the June high – a potential scenario for price.
Retain an observant attitude toward price action and a market that is tending toward a interim rally. Any breakdown will be immediately obvious from a breach of $640 (Bitstamp). Never confuse movement with action. – Ernest Hemingway Summary
Bitcoin price is in the middle of a consolidation zone and the market’s inability to advance remains consistent with a technical outlook of consolidation. The sense is that additional lows are needed to set up an advance, and the outlook remains biased toward an advance towards the June high. The scenario is not crystal-ball clear, but will be evident from larger timeframe signals as identified by the xbt.social trading method. Bitfinex Depth Chart and Buy/Sell Volume What do readers think? Please comment below. This analysis is provided by xbt.social with a 3-hour […]
