Bitcoin Price Decline Building Momentum

Bitcoin Price Decline Building Momentum

Bitcoin price corrected over-night. At the time of writing decline has resumed and Gavin Andresen better call a truce in his personal stand-off with the Core developers or risk splitting off a Classic(TM) altcoin.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitstamp 1-Hour Chart

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From the analysis pages of xbt.social, earlier today:

No too much to comment on: a new low and progress toward the 4hr 200MA target.

Still buying seems relentless – large buy orders are being placed (and executed) in the orderbook. Is it profit taking or are there really buyers in a market?

Terse analysis for a clear fundamental breach: mess with Bitcoin’s fundamentals, and behold the holders sell.

Summary

Bitcoin price decline continues. $400 is the primary target. As long as administrator Gavin Andresen continues a contentious hardfork the price chart will continue its long-term decline.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

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