Bitcoin price declined from its previous consolidation area above $230 today. The move lower has fallen into 1-hour chart divergence and should now correct from current levels before resuming the downtrend.
Bitcoin Price Analysis
Time of analysis: 14h37 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
An earlier xbt.social analysis made a technical case in favor of raising our target for this trade from $207 to above $210.
We retain our opportunistic take-profit orders at $180 and $150 as previously discussed. Your take-profit for the primary target should, therefore, be for 50% of your position. You could, of course, take 100% profit at the primary target and then re-enter. Any spike to the downside is a probable event and not guaranteed.
The discussion above takes care of offense. In defense of our position and funds, we should consider that today’s drop has formed regular divergence in 1-hour RSI and MACD. This indication could see the market take