Bitcoin price continues teetering on the edge of a precipice. A valiant effort to escape gravity, late on Sunday, has only seen price slump back toward $650. Unless the buyers capitulate, a large decline seems inevitable.
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Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour and 1-Day Candle Charts
From the analysis pages of xbt.social, earlier today:
An ABC corrective pattern was anticipated in yesterday’s analysis:
If this wave count is correct, then we’d expect the wave C to target the 1.618 Fib extension of wave A at $664. This will also be the approximate level of the 1hr 200MA, as well as a 50% retracement of the decline since 18 July.
The C wave did indeed target the 200MA across exchange charts and reached $665 in the Bitstamp chart before reversing (1hr chart,