Bitcoin price continues trading sideways as the market ponders its next move.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
OKCoin 3Months 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
If price action repeats the corrective price pattern circled in magenta, we may see the next wave down in the coming days.
There is an annual pivot level at the level annotated in orange. Price may pause at this previous low, and even bounce higher in a more complex correction, so the xbt.social trade recommendation that will be issued later today will only be for a half size position. The position can then be increased as decline continues below this strong support zone.
As noted in yesterday’s analysis, we remain on the lookout for one of 3 outcomes:
1) Price finds supported at last week’s low and