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Bitcoin price continues slowly losing altitude below $580 (Bitstamp). The likelihood of decline remains, although we must acknowledge the possibility of a low-liquidity weekend spike to the upside.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
BTCC 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Keep an eye on price action in relation to the 1-hour 200MA (red), as well as the overhead trendline (blue). If trade establishes below the 200-period moving average it will confirm a short-term bearish phase, especially if the green 20MA follows price lower and crosses below the 200MA.
Downside targets include $540 and $500.
The blue trendline above price represents a level above which the market may get renewed confidence to buy. At this time the most likely outcome could be a spike to the advance high. Notice how the 1-hour stochastcs (top, magenta circle) are peeling away from their maximum level – implying a pullback.
The bitcoin price chart continues making lower lows and lower highs near the advance top. With weekends sometimes being the occasion of low liquidity price-runs, a push higher, via a spike, is likely – if it keeps rallying into next week, then $680 is the next major upside target. The outlook of decline, confirmed when price establishes below the 1-hour 200MA, could see $550 or $500 depending on the severity of profit-taking.
Bitfinex Depth Chart and Buy/Sell Volume
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Bitcoin price charts from TradingView.
Image from Shutterstock.