Bitcoin price was sold off after a local wave high was made to a 4.618 Fib level just above $291. A price correction is now being traded below $290 and it could see retracement to $285. Technical analysis looks at significant levels in the chart, as well as potential paths of price during the coming weeks.
Bitcoin Price Analysis
Time of analysis: 05h56 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price was sold off after a local wave high was made to a 4.618 Fib level just above $291.
The decline – from yesterday’s high to near $286 – is now pushing higher in what could be a B wave. Once completed, the B wave may see a C wave drop to the Fib line crossing through $284 directly below.
The reason for expecting another wave of decline is that the decline appears to have pushed lower in one subwave – we expect to see at least