Bitcoin price decline accelerated overnight. Downside progress has seen price dip below $420 earlier today, and a correction currently has price retesting this level.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
OKCoin BTC/USD Spot 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price looks to be embarking on the next wave down after a correction from the most recent low, and the target remains $400 (Bitstamp).
The 1hr 20-period moving average (MA) has crossed below the 1hr 200MA (red). This is a bearish indication but, unfortunately, there is no confirmation signal in any other timeframe to justify increasing position size. If price does make the plunge to $400 soon, we will only get the benefit of the quarter position size trade we initially opened.
Although it looks likely, it is not