Bitcoin Price Caught In Commodities Down-Draft

Bitcoin Price Caught In Commodities Down-Draft

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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.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 1-Hour Candle Chart


From the analysis pages of, 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 Hence we assume that the present downdraft is part of the ongoing consolidation.

Price should find support near $650 or $640 from where

Read more ... source: TheBitcoinNews

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