Bitcoin Price Racing Towards Support

Bitcoin Price Racing Towards Support

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Bitcoin price continues declining and we have to ask “why”? Unfavorable news? Bad fundamentals? Truth is: neither – commodities rise and fall due to leveraged speculation in their price charts.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitstamp 1-Hour Candle Chart


From the analysis pages of, earlier today:

Bitcoin price is at a strange juncture: the 4-hour and 1-day timeframes are about to enter a bearish technical condition, yet, a large hand in the market could miraculously find support at current levels.

The technical factor that implies that the largest players in the market are interested in decline, is the fact that they have not defended the ascending trendline (blue) that would have secured another wave higher.

It may still, magically, transpire, but if the 4-hour and 1-day charts turn bearish (according to indicators) in the coming days, we may be facing a substantial decline: primary target $600 (Bitstamp) and

Read more ... source: TheBitcoinNews

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