Bitcoin price was eagerly sold to a low just above $300 before advancing away from it in equally enthusiastic trade. Apparently stuck in a rut above the $300 security blanket level, the market may not move significantly until the Fed fires the lift-off starter-gun in December.
From the analysis pages of xbt.social, earlier today:
Price corrected downwards, early today, to $310 (Bitstamp) and 2015 CNY before retracing most of the move for the rest of the day.
The move had made no new price low and there are two likely expectations:
1) The market is trying to test $300 but there is strong buying interest even above this level. Once all those who intended to buy have done so, the next sell-off should pull price to $300.
2) The market is consolidating in a trading range between $300 and $340. Today's downward correction has spent most of the bearish energy and the bulls will now continue buying to the upper blue trendline.
If price is bought to above the blue trendline, then buying may accelerate. Failure to get above the trendline may see the consolidative pattern continue - with another sell-off toward $300 and then a subsequent return to the mid $350s.
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