Bitcoin price continues slumping as the smaller timeframe chart indicators continue to swing wildly.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC Wednesday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The chart signals are mixed. The 1hr chart’s indicators have become meaningless as the range of price narrows during apparent ongoing consolidation. The 1hr chart is, therefore, not anything to go by.
At the 4hr timeframe (above) we’ve just had a series of five advancing waves fall away from yesterday’s high. Price is still below the 4hr 200MA (at the red arrow) and the 4hr stochastics (top, blue circle) are falling away from their maximum. A low will, conceivably, only be struck when the stochastics group at zero. The 4hr chart implies ongoing consolidation – presumably until the 200MA declines to current levels.
In the 1day chart (not shown) MACD has stopped declining and is even slowly turning