Bitcoin price has drawn sideways around $450 (Bitstamp) for most of the day before making a rounded push higher. The decline may be over but additional price action is needed so soon after the strong upside reversal.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
OKCoin BTC/USD 15-Minute Candle Chart
From the analysis pages of xbt.social, earlier today:
The attached 15-minute chart shows price action since early May. A few chart annotations relating to previous analysis are visible, but today’s analysis focusses only on the drop since yesterday.
It is unclear whether price has found support at the $450 level, and will now begin another slow push higher, or whether the sideways price action is setting up the next leg of decline.
If price drops away from the safety of the 15-minute 200MA (red) then we