Bitcoin Price: Again, There And Back Again

Bitcoin Price: Again, There And Back Again

Bitcoin price has been declining all day. The failure to continue higher turns our attention back down in the chart.

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Bitcoin Price Analysis

Time of analysis: 13h30 UTC

OKCoin 3Month 4-Hour Chart

Selection_20160206_004

From the analysis pages of xbt.social, earlier today:

Price is going to ground after failing to get above the Fib line resistance drawn on the 4hr chart.

We now have confirmation that there is still a corrective price pattern at play, and the next challenge is to determine if decline will be halted at the recent support floor visible lower in the chart (bright blue), or if the chart is setting up for a large declining wave to the support floor at $320 (Bitstamp) and 2100 CNY.

Price remains below the descending 4hr 200MA, and continuing decline will soon see valid xbt.social sell signals form

Read more ... source: TheBitcoinNews

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