Bitcoin Price Decline Finds Support

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. analysis remains biased to the downside, but there is an argument to be made for resumption of advance from current levels.

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Bitcoin Price Analysis

Time of analysis: 04h50 UTC

Bitstamp 1-Day Chart

Bitstamp 1-Day Chart

From the analysis pages of, 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

Read more ... source: CryptoCoinsNews