Last week’s rally had been fast and furious, with a lot of burning rubber and little chart distance. As quickly as it had completed the last push toward $300, it gave up almost half of the progress in a sell-off. The bulls have cooled down somewhat and are now looking for shelter further down the hill.
Bitcoin Price Analysis
Time of analysis: 15h42 UTC
BTC-China 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Yesterday, price declined below a well-formed MA sell signal and crossed below the red Fib fan center line. Once price established below this chart feature the chart condition was 100% bearish, and the 1.618 Fib target opened up to the downside.
Prior to the move, MACD (top) had already formed, at the 15min timeframe, reverse divergence