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.
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.
Worst case scenario, this might be the beginning of a declining wave into a catastrophic sell-off below $200 and 1300 CNY. Such an outcome is unlikely but possible. We cannot issue a formal Trade Recommendation for this scenario because