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Friday, May 26, 2017
Bitcoin Price Finding Support?

Bitcoin Price Finding Support?

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Bitcoin price is meandering in a narrow trading range near its January lows. There are few helpful technical signals in the current chart, but a support level may be forming around $380 and 2500 CNY.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

OKCoin 3Months 1-Hour Chart

From the analysis pages of xbt.social, earlier today:

Trade is holding price in a narrow range after last week’s low. What the market plans to do with price next is unclear. There is no clear technical indication, nor does the price pattern give any clue as to whether the market wants to trade price lower into the $300s or make the short ascent to $400 and establish a support base.

In the OKCoin 3Month futures chart, the recent low was effectively a double-bottom to the equivalent low made during mid-January. It may just turn out that the level of this double-bottom establishes a strong support level from where the next wave of advance can progress.

Summary

Bitcoin price is noodling along near its January lows. Before we can make any assumption about whether a low has been struck or not, we would need to see price retest the apparent support level and form the customary bitcoin price base that precedes advance.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin price chart.

What do readers think? Please comment below.

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.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.




Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect.

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