Bitcoin price has halted decline and may have found support at the $555 (Bitstamp) level. The 4-hour candle chart shows that advance is possible, but that a critical watershed for decline remains close-by.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC Thursday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Price action has stopped making lower lows – for now – and we’re yet to see a series of higher highs. It’s too early to discard the notion of additional decline since the past day’s upside pattern may only be an upward correction. While we wait for the chart to develop further, let’s consider intermediate trend in the 4hr hour chart.
I had mentioned, prior to the drop from $650, that a large decline would emulate the pattern of the decline that setup the June rally. August’s price action seems to be continuing in line with the idea