Bitcoin Price Analysis: Last Chance At $640

Bitcoin Price Analysis: Last Chance At $640

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Bitcoin price decline pulls deeper into the consolidation zone around $650. Below $640 there is a freefall zone to $600, yet a reversal at $640 cannot be ruled out.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitstamp 4-Hour Candle Chart


From the analysis pages of, earlier today:

The Bitstamp 4hr candle chart shows a broad overview of the final large wave to the June high, followed by a correction that quickly slammed down to $560. Subsequent price action had been ambiguous while price went through the paces of a correction – rendering the indicators mostly useless and leading the market into two bull traps prior to slumping once more.

On the weekend two declining scenarios were considered:

1) a large decline to $600 or $560, as per the overlapping Fib extension targets and

Read more ... source: TheBitcoinNews

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