Bitcoin Price Decline Targets $500 Bitfinex

Bitcoin Price Decline Targets $500 Bitfinex

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Bitcoin price continues decline as the crowd keeps selling. Bitfinex management, so eager to create an impression of recovery, are once again having their liquidity drained by a relentless sell-off, and this time they can’t cry “hack!”

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Bitcoin Price Analysis

Time of analysis: 13h00 UTC Sunday

Bitfinex 1-Day Candle Chart

Selection_20160814_002

From the analysis pages of xbt.social, earlier today:

The conditions for decline had been stacking up during the past week. We have both the 4hr and 1hr charts’ MACD falling away below zero (magenta circle in the 4hr chart, above).

Traders at xbt.social had been advised to wait for price to break below the support that formed at $580 (Bitstamp). Mindful of the possibility of consolidation above this level, xbt.social had waited for the full combination of sell criteria:

1) price must decline below the recent support level at $580 (Bitstamp)
2) a 4hr MACD sell signal must herald the decline
3) the

Read more ... source: TheBitcoinNews

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