Bitcoin Price Analysis
Bitcoin price looked to be advancing only to bump against the resistance ceiling. How to trade in the coming days (or weeks) is dependent on how the market negotiates $680.
The decision not to open position – based on the unclear signaling and failure to establish above $680 (Bitstamp) – was prudent.
Remember that, in trading-speak, when we say “establish above $680”, that means the trader wants to see the market open a price candle (1hr in this case) above $680 and also close the candle above $680. This did, in fact, happen at 04h00 UTC today 18 July, but the candle was a Doji (magenta arrow), which implies reversal back down.
The $680 level is significant because it has exerted influence since late 2013.
Let’s remain patient and disciplined, xbt.social – the market rewards discipline. It makes more sense to preserve account funds for when we do see a clearly signaled opportunity, rather than chasing after potential “to the moon” rally waves in frustration. Put another way: we want to see the market take ownership of $680 rather than make money bets that it might!
