Bitcoin price is caught in a market-wide down-draft and has fallen through the boards of a once promising channel of advance. It looks like we’re heading back to the consolidation support floor and, then, back to the trade planning drawing board.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Price continues being drawn lower amidst a global commodities slump as gold, oil and many other commodities turn to the downside. Meanwhile stocks and the US dollar are re-approaching their highs of earlier this year.
The 1hr chart does not have an explicit, confirmed sell signal for the current decline. Additionally, the 4hr chart is still several candles away from forming the bearish cross-over we watch for at xbt.social. Hence we assume that the present downdraft is part of the ongoing consolidation.
Price should find support near $650 or $640 from where