Bitcoin price declined to the vicinity of its 1-hour 200MA, today, without making a direct challenge on it. Price revisits the 200MA periodically but, during September, has crisscrossed it several times. Combined with the choppy wave patterns evident in the chart we conclude that price is in a corrective phase and prefer to stay out of the market.
Bitcoin Price Analysis
Time of analysis: 15h03 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The decline from yesterday’s top was rapid and the market failed to bounce off support and resume decline quickly. Instead, it hit the low and then began a slow correction. Today, the correction slid into decline and, as speculated yesterday, the market chose the 200MA as support for a soft landing.
At present levels we want to see a sideways consolidation forming a base as per the typical example just prior to this last wave of advance. Anything else could invalidate the notion that