Bitcoin Price Falls Just Too Far

Today bitcoin price broke below long-term (1-day chart) horizontal support at 2300 CNY and $360 (Bitstamp). It appears that downtrend may resume, but an important barrier remains to the downside.

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Bitcoin Price Analysis

Time of analysis: 15h36 UTC

BTC-China 1-Hour Chart

BTC-China 1-Hour Chart

From the analysis pages of, earlier today:

Prior analysis, expected price to decline to this level as an extreme low for an ongoing correction to the rally. However, the expectation was not that price break below it.

At the time of writing price has not yet declined below the much stronger support zone around the 1-day 20MA near 2250 CNY and $335 (Bitstamp). For there to be any glimmer of hope of a return to advance in the coming days, price will have to remain above this critical moving

Read more ... source: TheBitcoinNews