Bitcoin Price Drops Out Of A Bull Trap

Bitcoin Price Drops Out Of A Bull Trap

Bitcoin price was washed over two waterfalls today and looks set to drop onto a support shelf at $400. With the price chart looking more bearish than it has for weeks, that may not be the end of decline.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

OKCoin BTC/USD Spot 1-Hour Chart

bitcoin price

From the analysis pages of, earlier today:

The OKCoin BTC/USD Spot exchange spent most of the week with a permanent stream of large buy orders being inserted just below price. Its 1hr chart is featured above.

Earlier today, price declined to the 200-period moving average (red) in the majority of exchange charts, where it paused. However, once price broke below this bellwether (hell-weather for some) moving average, and then the lower channel trendline (grey), the bearish technical indications were

Read more ... source: TheBitcoinNews


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