Bitcoin price slipped over the edge during weekend trade. Analysis looks at the basic chart indications and potential decline targets.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC Sunday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The 4-hour Bistamp chart shows that the market had sold price straight through $640 support, from where price has been slowly selling-off toward $600 and 4000 CNY.
Although 4hr MACD had signaled Sunday morning’s decline (magenta circle), the stochastics (top panel) are grouping at their minimum, while RSI has achieved a previous lower low (horizontal blue annotation). The stochastic and RSI indications imply that price may need to correct upwards once decline to $600 has been achieved.
The present decline happens below a bearish 1-day chart (MACD declining below its signal line), as well as a bearish 3-day chart where both MACD and the stochastics declining. Hence, we may have to wait