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Bitcoin price corrected downward earlier today as an apparent attempt at advance was slammed down by strong selling across the exchanges. Profit taking or is it reversal?
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitfinex 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The strong RSI reverse divergence pointed out in yesterday’s analysis (magenta annotations) was exacerbated by additional downward price correction and, yet, price failed to push to a new high after two attempts. Ongoing sideways correction at the current level is, therefore, the outlook.
Today’s second attempt at advancing above $584 (Bitfinex) was slammed down below the 1hr 20MA (at the green arrow). With MACD (indicator panel