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Bitcoin price has pulled out of its downward correction but is now in a twilight zone between the advance high and a potential trend breakdown. How now? Let the market show the way.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Price has completed a three-wave pattern that could spell the end of a corrective advance since yesterday’s bounce. If price continues lower, then the 1-hour 200MA (red) will be a target. This level was touched in some exchange charts, but not yet in the Bitstamp chart. Below it lies the $550 level where a Fib line should offer support.