Bitcoin price takes a break today as the prospect of advance dawns on the market. The general hesitancy to join trend is understandable given this chart’s perverse tendency to fake-out on apparent trending moves. Sometimes you just have to believe what you see.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC Friday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
The 4hr exchange charts corrected lower today after making a good $90 advance during the past week.
Today’s move lower forced RSI (second from top) to form reverse diverge (an RSI lower low that is not confirmed by price, which only formed a higher low), annotated with magenta lines. Once the downward price correction is over we would expect to see this reverse divergence result in a strong upward price reaction.
At the time of writing price is trading below a 2.618 Fib extension (red arrow) of a