Bitcoin price teeters on the edge of a precipice like Wily E. Coyote holding onto an anvil. The roadrunner is further up the road at $680. Beyond lies the promised land of bitcoin price $2000. FOMC night is here again.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
OKCoin 3-Month Futures 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
While the 1day and 3day charts remain in a bearish state, we anticipate decline.
The 4hr candle chart MACD remains below zero (magenta circle) and RSI keeps reverse diverging from price (blue annotations), which is vanilla flavor bearish in anyone’s TA textbook. The proposal is that the market is denying decline with irrational psychology, but without institutional (whale) support. Hence, a sideways corrective pattern may form (magenta trendlines) until the sell-off below $640 kicks in.
$640 is a critical pivot: while price remains above it there is every chance that the