Bitcoin price has fallen out of an awkward advance channel that failed to make a new high. Hopefully, this is the start of a consolidation prior to a mid-year rally, and not indicative of security fears in the face of the blockchain hijacking being planned by the Big Blocks cargo cult of Silicon Valley.
Bitcoin Price Analysis
Time of analysis: 14h30 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price had failed to maintain position above the supporting channel line (blue). The top reversal was unexpected, and, until the last moment, looked like it was ready to attempt another wave of advance.
Now that price has fallen back into correction, it should seek out at least the $400 psych level or the level of the 200-period moving average (red