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 xbt.social, 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