Bitcoin price has fallen below critical support – the 1-hour chart’s 200-period moving average – and invalidated our expectation of one more advancing wave. The current chart setup is bearish but prudent traders may want to wait before positioning aggressively short.
Bitcoin Price Analysis
Time of analysis: 14h43 UTC
BTC-China 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Considerable annoyance at the market’s failure to meet the precedent pointed out in yesterday’s analysis… as was illustrated price had not, on any previous occasion, failed to touch the 1-day 100MA once it had entered the 100MA’s 10% envelope from below. Yet, this seems to be exactly what is happening in the chart.
Overnight, price has dropped through the 1-hour 200MA – our first bellwether for decline. Additionally, price made the drop below an xbt.social sell signal that has penetrated below the 1-hour 200MA.
The combination – of not making its usual target at the 1-day 100MA, as well as a