Bitcoin Price – How Low Can You Go?

Bitcoin Price – How Low Can You Go?

Bitcoin price declined an additional $30 today and is currently being supported at $357.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

Bitfinex 4-Hour Chart


From the analysis pages of, earlier today:

Price has found support at a Fib line originating at the low of 1 June 2015.

Additionally, 4-hour RSI shows a well-defined five wave channel to today’s low. According to Elliott wave principle, the decline should now be complete, but the Bitcoin price chart regularly forms waves consisting of seven subwaves, so there is no reason to call the bottom just yet.

Note that RSI (panel immediately above price) has reverse diverged to the closing low of 11 November 2015 (magenta arrow) and that MACD (top panel) confirms this reverse divergence with a double bottom (not annotated).

The stocahstics (second from top) have spent several days

Read more ... source: TheBitcoinNews

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