BITCOIN PRICE NEARING SUPPORT

cryptocoinsnews.com / BY VENZEN KHAOSAN / 22/08/2015

Bitcoin price has been slowly declining today and made a tentative spike toward support a few hours ago. Currently, price is above support but sellers keep piling in and with US traders joining the market soon, selling may intensify.

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Bitcoin Price Analysis

Time of analysis: 15h30 UTC

OKCoin-3Mth-Fwd 15-Minute Chart

From the analysis pages of xbt.social, earlier today:

Compression of the MAs at the 15min candle timeframe was followed by a move lower. The larger timeframes did not show this compression, so the current series of subwaves are seeking support lower in the chart.

A surge higher may result in the coming hours, or alternatively, price is only midway through a decline to support and more subwaves could develop to the downside.

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