Bitcoin Price Holds Long-Term Support

Bitcoin Price Holds Long-Term Support

Bitcoin price fell through $440 (Bitstamp) and has subsequently pushed back above this initial decline target level. The market has found support but today’s retracement lacks bounce.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 4-Hour Candle Chart


From the analysis pages of, earlier today:

A high concentration of bearish signals occurred at the opening of the 4-hour candle pointed out by the magenta arrow, and opened a high-leverage trade as price declined rapidly to below our target of $440.

An important condition for entry was that a 4-hour candle both opened and closed below the 200MA (red). Subsequently, MACD (panel above price) dropped below its lower Bollinger Band (while below the MACD signal line) and smaller timeframes gave similar, confirmatory sell signals.

Price reacted to a powerful support line in the form

Read more ... source: TheBitcoinNews

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