Bitcoin price sold off after falling below its advance channel trendline. The decline is at various stages of development in different exchange charts. Potential targets await lower in the chart.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Day Chart
From the analysis pages of xbt.social, earlier today:
A look at the past 5 weeks’ price action in the 1-hour Bitstamp chart.
Price, once again, failed to maintain position above the upper Fibonacci fan line (drawn from the January 2015 low) . In the USD exchange charts price has found support at the 1-hour 200MA, but in the CNY exchanges price had fallen below this significant moving average, and has not climbed back to it.
It is, therefore, likely that price will target the level of the 1-day 20MA (annotated with a blue