Bitcoin Price Decline Pauses Before Drop

Bitcoin Price Decline Pauses Before Drop

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Bitcoin price decline takes a break. The market is struggling to buy price higher in a correction, thereby, heralding the next wave of decline.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 1-Hour Candle Chart


From the analysis pages of, earlier today:

Bitcoin price declined, as expected, on an confirmation signal, yesterday. Overnight, a correction pushed back to the upside in the chart. A clear instance of RSI divergence accompanied the reversal as shown by magenta lines at the price lower low and in the corresponding RSI higher low.

Given the fact that the 4-hour chart is bearish, with its MACD below both zero and its signal line, and that the 1-day chart is about to enter a similar MACD alignment, we have to ask: What’s next?

The definitive answer, based on bearish charts at 15min, 1hr and 4hr timeframes, is: additional decline.

Notice in the 1hr chart (above), how the

Read more ... source: TheBitcoinNews

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