Bitcoin price has corrected the past week’s spectacular advance in five waves to the downside. The decline may be over or it may still reach lower in the days ahead. Let’s see what clues there are in the chart.
Bitcoin Price Analysis
Time of analysis: 14h45 UTC
Bitstamp 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
The 15-minute chart, above, shows a close up of price action during the past five days, and the current ongoing correction of the advance.
The price correction retraced to the level of the 4-hour chart’s 800-period moving average (800MA) at $240 (Bitstamp). This is a 50% retracement of the entire advance and a bounce from significant resistance-turned-support, since the 4-hour 800MA had rejected attempts to advance above it for the past six months.
Price is now holding above this important support level and if this is a larger wave of advance then conditions are suitable for the next leg of advance to