Bitcoin Price In Medium-Term Decline

Bitcoin Price In Medium-Term Decline

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Bitcoin price slipped over the edge during early Sunday trade. Analysis looks at a few basic chart indications and potential decline targets.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 4-Hour Candle Chart


From the analysis pages of, earlier today:

The 4-hour Bistamp chart shows how the market had sold price straight through $640 support, from where price has been slowly declining toward $600 and 4000 CNY all day.

Although 4hr MACD had signalled this morning’s decline (magenta circle), the stochastics (top panel) are now grouping at their minimum, while RSI has achieved a previous lower low (horizontal blue annotation). The stochastic and RSI indications imply that price may need to correct before decline to $600 can be achieved.

The present decline happens below a bearish 1-day chart (MACD declining below its signal line), as well as a bearish 3-day chart where MACD and the stochastics are both declining. Hence, we

Read more ... source: TheBitcoinNews

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