Bitcoin price has fallen away from the highs of Thursday and Friday and is being drawn back to critical support just above $230. Will price bounce or will it return to the week’s lows?
Bitcoin Price Analysis
Time of analysis: 15h44 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The outlook is bearish at the 6hr and 12hr timeframes and thanks to xbt.social member santana for his multi-chart analysis. As the smaller timeframe analysis below shows there is still time and chart space for market shenanigans before decline becomes a “definite”.
Supplementing the larger timeframe analysis, we should prepare for a breach or bounce at the 1-hour and 4-hour 200MA. Both have been holding approximately the same level – the purple 800MA in the above 1-hour chart is equivalent to the 4-hour chart’s 200MA.
Price, today, declined into oversold conditions and also reverse divergence in the momentum indicators. This has put the brakes on decline for a while.