Bitcoin price picked itself up from the dusty valley floor today. Although it’s looked more healthy, it appears nothing is broken.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Since yesterday’s low we’ve had 5 waves up. The advance has stopped at 15-minute 200MA (not shown) and is currently trailing the hour 20MA (green). At label 5 the advance is accompanied by reverse divergence in RSI. In other words, RSI is indicating a high exceeding previous highs that price is nowhere near reaching. Hence, the current downward correction.
It seems that at least a temporary low has been struck at $350 and 2350 CNY, and we now remain on the lookout for one of 3 outcomes:
1) Price is supported at yesterday’s low and consolidates sideways before