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Bitcoin price decided to go bearish again today, losing around 10% to drop to around $214 at the time of the writing of this article. Indecisiveness in yesterday’s market has driven the price down near the $200 resistance level.
By looking at the 1 day Bitfinex (BTC/USD) charts from tradingview.com (look at the below chart), we can notice that the upward trend that started on the 15t of January reversed on the 26th of January after pushing the price up to more than $300. Although the price was well supported by the $220 level during the past few days, it seems that this level failed to support the price as we saw it dip below $220 during most parts of the day.
By plotting the On-balance Volume oscillator on the 1 day Bitfinex (BTC/USD) charts from tradingview.com (look at the below chart), we can see the OBV curve sloping downwards; i.e. the market’s selling power still prevails. We are likely to see the OBV start sloping upwards before a reversal of the downtrend is noticeable. We can see bitcoin price testing the $200 support level soon enough, which will decide whether or not today’s price drop will continue.
Conclusion:
Volatility is skyrocketing as stressed traders are pulling the bitcoin price downwards because of impatience and uncertainty. Everything other than the bitcoin price is pointing to the fact that bitcoin’s value is increasing; new bictoin startups are created every day and bitcoin is increasingly creating new jobs and more merchants are accepting bitcoin than ever before. It won’t be until long that we can see the price parallel the real value of bitcoin.
Charts from Bitfinex.
grahvity 
BTCTraderRick 
Antony 
Juan David Paez Morales 
Fred 
Shazy Shazz 
Verde 
Tim 
Elvis Roziņš 
Dido Ge 
Lavenda 
Jackson Jones 
I find using the ’13 EMA of the OBV’ helpful. I believe it’s under the public scripts like that.
I find your TA to be as good as the local news weatherman who looks out the window. It doesn’t help me with what will happen tomorrow. I’m starting to flip a coin with better odds.
I guess the price will rise again in the future. We currently have a global crisis.
Bitcoin is going through intense moments in both regulations, banks and other attacks, is a matter of time to resume their high prices. The technology does not stop.
The price fluctuations reflect market instability due to the trader’s fears. My current fear is that due to a relative lack of users, individuals could directly influence the price. (BTC market cap is 3000 times smaller than that of the biggest bank – ICBC) However once masses start to trust and adopt the use of crypto, it will more than likely mean an increasing stability for the price of BTC, because it is a global asset, and not likely to be influenced by local events. The technology has been proven to be effective and trust can only be gained in due time.
Bitcoin is rising once again. Current market price for 1 bitcoin = 261 $. Back in Feb when it was dropped down around $214 , its rising once again and by the time I’m writing the comment, it may crosses 270 $, who knows. Your analysis is good but bitcoin will rise again and it is in business once again.
There will always be volatility for something as groundbreaking as digital currency. The real indication is not so much the price vs USD but it’s integration into everyday use.
I find the current price of bitcoin reflects the value very good. Should stay between 200-300$.
I just bought some Steam games with Bitcoin so you know it won’t die so fast as soon as you can trade with it!
Impatience and uncertainty are the 2 worst things for any kind of market. Consumer confidence is extremely important and completely psychological, so if people just believe in the currency than the currency will be legitimate.
Actually the price is rising again.
I can see the price rising in the future. That’s why I’m holding on to my BTC.