Bitcoin Price Sell-Off Approaching $300

Bitcoin price has been bouncing along the $330 and 2100 CNY level for days. The benefits of bitcoin advance far outweigh those of decline, but a cynical sell-off seems to be opting for the worse of two options.

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Bitcoin Price Analysis

Time of analysis: 15h49 UTC

OKCoin-CNY 15-Minute Chart

OKCoin-CNY 15-Minute Chart

From the analysis pages of, earlier today:

The OKCoin CNY exchange is visibly leading the decline and its 15-minute chart, above, shows price forming the characteristic cascading arcs, prior to a move lower.

MACD was consolidating to its zero-line with its Bollinger bands constricting – the typical calm before the volatility storm. Both RSI and the stochastics were declining well before the sell-off took hold and were oscillating uncertainly near the middle of their ranges in a narrowing range.

The stochastics failed to

Read more ... source: TheBitcoinNews