Bitcoin Price Droops After Rates Hike Rally No-Show

Bitcoin price was massaged lower in the week leading up to the Fed rates hike announcement, and then eagerly traded up on the day. The chart technicals implied a bull trap and the sound of a can being kicked was its closing bell.

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Bitcoin Price Analysis

Time of analysis: 15h23 UTC

OKCoin 3Month Futures 15-Minute Chart

OKCoin 15-Minute Chart

From the analysis pages of, earlier today:

The Fed has declined their new unregulated shadow bank clients the lucrative opportunity of a rates hike. Its not a matter of if but when – and it was not yesterday. The bitcoin market got its knickers in a knot by trading price upward in anticipation of the announcement (as had been the game with Greece during July and August). Today we see the fallout and the large speculators must now sit on their cheaper bitcoins or sell them.

Yesterday’s assessment that the move higher was a corrective triangle has to be revised.

An Elliott Wave “triangle” can

Read more ... source: CryptoCoinsNews