Bitcoin Price Goes Over the Falls

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.

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Bitcoin Price Analysis

Time of analysis: 16h11 UTC

Bitfinex 4-Hour Chart

Bitfinex 4-Hour Chart

From the analysis pages of, 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

Read more ... source: CryptoCoinsNews