Bitcoin price took the declining path, yesterday, and bounced from the 1-day 20MA in most exchange charts. The prospect of continuing decline is on everyone’s mind, and analysis posted here for the past few weeks has favored a large decline. xbt.social analysis remains biased to the downside, but there is an argument to be made for resumption of advance from current levels.
Bitcoin Price Analysis
Time of analysis: 04h50 UTC
Bitstamp 1-Day Chart
From the analysis pages of xbt.social, earlier today:
A look at the 1-day Bitstamp chart shows that the decline halted near the 20MA (green arrow).
The decline from $292 to $275 unfolded in five waves and a comparison of yesterday’s 5-minute chart to the price wave inside the blue rectangle reveals a wave-by-wave similarity.
One concern is that price