Bitcoin price slipped over the edge during early Sunday trade. Analysis looks at a few basic chart indications and potential decline targets.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, 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