Bitcoin price decline takes a break. The market is struggling to buy price higher in a correction, thereby, heralding the next wave of decline.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price declined, as expected, on an xbt.social 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