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.
Bitcoin Price Analysis
Time of analysis: 15h49 UTC
OKCoin-CNY 15-Minute Chart
From the analysis pages of xbt.social, 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.