The Bitcoin price advance topped out near $280 and 1740 CNY in typical jumpy market-high price action. Currently, a declining wave has dropped below $270 and looks to be heading lower. xbt.social technical analysis examines the most recent price wave and options for its destination.
Bitcoin Price Analysis
Time of analysis: 05h41 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Yesterday’s advancing wave topped out near $280 and 1740 CNY before dropping below the 1-hour 20MA in what is either a correction prior to another wave of advance or a declining wave to $250 and lower.
Those traders who had opted for a dynamic stop loss would have seen their trade close at $270 a few hours ago.
Notice that the wave had topped out to MACD and