BITCOIN PRICE ANALYSIS: FED NIGHT!
The fear and uncertainty being generated by the Fed’s inability to put its head on a block about how much and when, is sending the gold and bitcoin price rallies to the super full moon.
Bitcoin Price Analysis
Time of analysis: 15h20 UTC
BTC-China 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
So far so good on our entry into this wave. The 1-hour chart did not give a clear entry signal, but the 15min chart gave an acceptible signal after building a wave base (circled).
Until the Fed has made its announcement the fear dynamic should keep pushing price higher. There is, as always, the risk that a large player takes profit and sends price into a downward correction, and that is why keeping a protective stop-loss close-by is crucial.
While we wait for price to continue on its way, a look at the 15-minute BTC-China chart shows how price has been interacting with support and resistance (S&R), both in the form of Fib lines and horizontal S&R.
The dashed grey horizontal S&R has resisted advance during 2015. The July high pushed above it but was quickly traded back below. The current push seems to have escaped its gravity.
Earlier today, price also succeeded in pushing above a resistive Fib line near 1970 CNY. There is a 1.618 Fib extension level overhead (magenta arrow) and above that a significant target as described in the xbt.social analysis at 13h00 UTC, yesterday.
Experienced traders control risk, inexperienced traders chase gains. – Jim Rohn
It will be interesting to see what happens around the Fed announcement today – we might see a reversal – but if we don’t then, everyone must admit, the trajectory of this bitcoin price wave looks formidable.
Bitfinex orderbook depth and Buy/Sell Volume: