Bitcoin price is trading lower today after forming another rounded wave top. Analysis considers mining production costs and the historical relationship of market price to this fundamental metric.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
Bitstamp 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price has continued rolling over a rounded top. As outlined in yesterday’s analysis post, downside support may be found at the local rising trendline near $440. If price bounces at this level then the market may resume the journey toward resistance at $470. Continuing decline below support opens up $400 and potentially $370, we’ll need to ascertain the degree of the next declining wave to better measure the decline’s depth.
The pivots for trade are $470 to the upside and short below $440.
Mining Production Cost