Bitcoin price slumps toward support – which has held since late-May – although coming under fire twice during the last 24 hours. Additional support awaits just below.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
A price downdraft, today, has pulled price to a supporting trendline (blue) at $454 (Bitstamp). The trendline has a companion in RSI and a break of either should result in the market looking for support at the 4-hour 200-period moving average (200MA, red) currently ascending through $449.
According to the market’s behavior during 2016, so far, price could be bid back up at the 200MA – as happened at the blue arrow during April.
Given the bearish indications in the 1-day and 1-week candle charts that were explored in