Bitcoin Price Seized By The Bear

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.

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Bitcoin Price Analysis

Time of analysis: 14h43 UTC

BTC-China 1-Hour Chart

BTC-China 1-Hour Chart

From the analysis pages of, 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 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

Read more ... source: CryptoCoinsNews