Bitcoin cost looks to be slipping from $600 and 4,000 CNY in some exchanges exchanges. Failure to reason this vicious turn opens a probability of another visual call of decline.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Sunday
Bitstamp 4-Hour Candle Chart
From a research pages of xbt.social, progressing today:
Price is grappling with support and insurgency during $600 and 4,000 CNY opposite exchanges.
In a 4hr draft we see that cost had recently used a 200MA (red) as support. Yet, RSI had modernized too distant too shortly and shaped retreat dissimilarity to an RSI rise from 2 weeks ago (magenta). Price is, hence, forced into correction. The dark magenta trendlines above and next cost indicate a converging operation that should see a Bollinger Bands continue to slight around cost in a 4hr and 1day charts.
If a stream improvement were to lift next a 4hr 200MA (and $550 support), afterwards a