Bitcoin price dropped through at 2900 CNY and $440 (Bitstamp) and is currently trading in a holding pattern near $430 and 2820 CNY.
Bitcoin Price Analysis
Time of analysis: 14h30 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Yesterday’s last analysis update stated:
The 4-hour and 1-day charts are technically bullish, but a reversal to the downside will quickly change that.
Until we see a price wave push to a new high, the resistance ceiling may continue to prevent advance. To the downside, if the market chooses it, there is a free-fall zone below $440 down to $400.
Today’s price action opened with a $20 drop after which price has held above $420 (Bitstamp) for most of the day.
The 1-day chart remains bullish, but the 4-hour timeframe is turning bearish. As the moving averages catch up to price we should see a clear sell signal develop, as defined by the xbt.social trading method.
If price continues correcting sideways we should eventually see a sell signal develop. The next self-evident downside target is $400. The chart is busy changing, and price can change direction many times before a clear trend resumes. This is a chart condition where you can save yourself from wasting account funds by just remaining out of the market.
Bitfinex Depth Chart and Buy/Sell Volume
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Bitcoin price charts from TradingView.
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