Bitcoin price has turned back down and is challenging its bellwether 1-hour 200-period moving average. Below it lies the critical $240 price level – a breach of which will open a potentially profitable declining wave, and hopefully the last downward cycle for the season.
Bitcoin Price Analysis
Time of analysis: 18h05 UTC
Bitfinex 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
Price has broken below with its 1-hour 200MA and the Fib line in this vicinity. In different exchange charts both these levels have been criss-crossed at various times since Saturday, so there is no special significance to the current decline – we still wait to see it drop below $240 and 1490 CNY before we enter our trade.
As the chart looks now, it is possible