Bitcoin Price Continues Medium-Term Decline

Bitcoin Price Continues Medium-Term Decline

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Bitcoin price slipped over the edge during weekend trade. Analysis looks at the basic chart indications and potential decline targets.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC Sunday

Bitstamp 4-Hour Candle Chart


From the analysis pages of, earlier today:

The 4-hour Bistamp chart shows that the market sold price straight through $640 support, from where price has been slowly selling-off toward $600 and 4000 CNY.

Although 4hr MACD signals 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 when 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 a week or

Read more ... source: TheBitcoinNews

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