Bitcoin Price Decline Building Momentum
Bitcoin price corrected over-night. At the time of writing decline has resumed and Gavin Andresen better call a truce in his personal stand-off with the Core developers or risk splitting off a Classic(TM) altcoin. No too much to comment on: a new low and progress toward the 4hr 200MA target. Still buying seems relentless – large buy orders are being placed (and executed) in the orderbook. Is it profit taking or are there really buyers in a market? Terse analysis for a clear fundamental breach: mess with Bitcoin’s fundamentals, and behold the holders sell. Bitcoin price decline continues.....
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Bitcoin price continues hovering around $415 and 2690 CNY. The chart’s technical conditions are primed for a break into either rally or decline. The 1hr chart shows how, prior to the last advancing wave, price had traded above the 1-hour 200-period moving average (200MA, red). Currently, price is below this MA. The 1hr 200MA continues drawing horizontally. The Stochastics (top) were descending from their upper maximum but have bounced (without price making a new low) and the stochastics look to be heading up again. Simultaneously, MACD trajectory looked to be pulling momentum below zero,....
Bitcoin price is in a precarious location. The asset set a new all-time high just days ago but is trading below the record and starting to decline. The shifting momentum is now presenting in technical indicators supplying bearish signals, adding to the double top narrative that’s been building since failing to break $20,000. Here are […]
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