Bitcoin price is not moving with conviction. This may be a sign of waning enthusiasm for the upside or it may be the usual doubt that accompanies a retracement low.
Bitcoin Price Analysis
Time of analysis: 15h52 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Analysis has been sparse during this period of market uncertainty. So far, price action has conformed to the expectation of the wave count posted in Wednesday’s analysis. The chart event that will invalidate the wave count is a breach of the 1-hour chart’s 200-period moving average (200MA, red).
On Wednesday we discussed the possibility that price may form an additional declining wave before the correction would complete, and that is what unfolded. The market pulled price to the 1-hour 200MA and then bought price up from a strong reversal.
Although price is still unfolding according to our expectations – holding above the 200MA and having pushed higher from yesterday’s low in