Bitcoin Price Below Support

Bitcoin price had fallen to new lows accompanied by indicator divergence and we now see the consolidation below support that allows us to build a short position.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitstamp 1-Hour Chart

Bitstamp 1-Hour Chart

From the analysis pages of, earlier today:

We have the condition described in yesterday’s analysis: price has made a new low accompanied by indicator divergence and the price pattern resembles the area we used for comparison yesterday. In that pattern price pushed higher until 1-hour MACD reached its zero line.

The current MA alignment is a massive sell signal. The 800MA (purple) has been added to the chart to show its magnitude. A similar instance of the same signal can be seen on the left of the chart.

We now stand ready to open a short position. Price should push higher – in a correction – perhaps as far as the red 200MA. Reaching the 200MA is less likely, given the strong downward

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