Bitcoin Price Locomotive Runs out of Steam

Bitcoin price has failed to maintain advance after putting in a strong surge two days ago. While this does not yet look like a return to decline, price may correct deeply before returning to the upside.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

OKCoin 3Mth 1-Hour Chart


From the analysis pages of, earlier today:

Our Buy trade was closed at 00h00 UTC by price pulling below the 1-hour 20MA, by more than the designated distance for this trade.

This breach of the 1-hour 20MA tends to happen prior to a correction setting in – whether downward or sideways.

Price is currently pulling below the 20MA and the 20MA is pointing down. RSI (just above price) confirms the downward price correction and MACD (top) is pulling below its zero-line – additional bearish indications,

Read more ... source: TheBitcoinNews