Bitcoin price quietly turned lower after failing to take advantage of a weak spot through resistance this weekend. At the time of writing price is declining from the recent high under a multiple timeframe sell signal.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
Bitcoin price formed a lower high overnight. The inability of the market to commit to action at the critical juncture may see the opportunity pass and result in price returning to decline.
Yesterday’s analysis described two important trendlines (grey and blue) that are currently intersecting above price in the Bitstamp chart. It was proposed that if price can break above this resistance, across exchanges, then a rally should be self-evident. If the market does fore go this trendline