Bitcoin price Bollinger Bands gave way today as price rolled over and dropped through a second support level to below $450. Additional decline is now a certainty and we look at some of the technical factors at work.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price is currently below the 4-hour 200-period moving average (red) that was identified as critical local support in analysis during this week.
The breach now opens decline to a long-term Fib line support that originates at the January 2015 low, annotated in grey.
The 4-hour chart’s indicators are tending to oversold territory and imply an upward correction before additional decline: the stochastics are beginning to group at their minimum (magenta circle), RSI is deeply oversold (blue circle),