The Bitcoin price chart had been in a bearish configuration for several days and the decline was not capitulating. Around 12h00 UTC, today, the bottom fell out and Bitcoin resumes decline.
Bitcoin Price Analysis
Bitfinex 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 4-hour timeframe shows the chart condition, whereby, price had declined below both the 20MA and 200MA but did not plunge immediately.
A fake-out to the upside, earlier today, looked like it would repeat a similar upside punch as price made on 20 July. After stalling against the 20MA for a few hours, the surprise drop activated our prepared downside scenario Trade Recommendation, and here we are midway to our target of $257.
Drawing more lines on this chart would just add visual noise to an already busy picture, but a missing annotation is horizontal support and resistance around $252. This level represents a more likely downside target and intersects