Bitcoin Price: Slight Positive Pressure

We have run into some really heavy resistance that we previously talked about around the $228 mark, though there are not strong sell indicators on the technicals. That said, there is still pronounced neutrality in terms of volume and the price stability we talked about yesterday. Let’s take a look at the 15 minute technical to see our interest around $228:

We have finally got some positive price pressure though it is more like a slight price rebound from the more negative trend over the last few days. The price could move even more to a range near $222 to $232 and this makes for a great opportunity for some short trades. This might mean a break in the price resistance over the past week and there may be another price rally up to $234 or so within the next week. Countertrend pressure and these higher price ranges mean that we could experience a localized maximum for the short-term. While there are some short trading opportunities the rally could disappear quickly if it falls too quickly past $230.

In the last few days we have looked at some longer term charts and they have demonstrated how oversold the market has been recently. Any signals have been really, really mixed for the near-term and this seems to indicate that the $230 rally is a short-lived one; the bearish momentum from the last week could leak back through just as easily. All said, I still hold that we may see $200 or below within the next few months and I am waiting for some great trading at the possibility of a market bottom; this has definitely impacted my own trading strategies in the near- and long-term under these assumptions. I hold that the more bearish traders could get solid shorts in the next few days but watch carefully. Happy trading!

Today’s word, ironically enough, is market failure:

“An economic term that encompasses a situation where, in any given market, the quantity of a product demanded by consumers does not equate to the quantity supplied by suppliers. This is a direct result of a lack of certain economically ideal factors, which prevents equilibrium.”

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