Bitcoin price declines reluctantly and has not achieved a new high since Sunday. Successive lows are printing in the chart and the bulls seem to be using each as an enthusiastic buying opportunity, making for a jagged decline.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Since Sunday’s high price has been making lower highs and lower lows, but the decline is proceeding with difficulty. At the smaller timeframes price can be seen to swiftly retrace each wave to a new low by almost 90% of its length.
Either the decline is in its early stages and the bulls are still reluctant to concede, or this downward move is corrective and will be followed by another attempt on the resistance ceiling.