Bitcoin price looks to be slipping from $600 and 4,000 CNY in some exchanges exchanges. Failure to hold this critical level opens the possibility of another corrective wave of decline.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Sunday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Price is grappling with support and resistance at $600 and 4,000 CNY across exchanges.
In the 4hr chart we see that price had recently used the 200MA (red) as support. Yet, RSI had advanced too far too soon and formed reverse divergence to an RSI peak from 2 weeks ago (magenta). Price is, hence, forced into correction. The pale magenta trendlines above and below price imply a consolidation range that should see the Bollinger Bands continue to narrow around price in the 4hr and 1day charts.
If the current correction were to pull below the 4hr 200MA (and $550 support), then a