Bitcoin price slammed through several layers of support to hit a previous long-term resistance level at $465. Although the market seems to have found a bottom, there is not yet any technical reason to believe the decline is complete. Now is the time to count your money and sit out of the market for a few days or weeks.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC Wed 3 Aug
Bitstamp 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
The 4-hour and 1-day timeframe charts gave us MA sell signals, and the 3-day chart gave us MACD and stochastic bearish signals. During the overlap of the late US trading session and early Asia-Pacific sessions, bitcoin price was sold to the resistance-turned-support level at $465 (Bitstamp).
Although the primary target posted at xbt.social (and here) was $580, the previous CCN analysis post did concede that “Some analysts are calling for decline