Bitcoin price took a break from decline, today, and has traded sideways-to-up in a correction. The outlook remains bearish.
Bitcoin Price Analysis
Time of analysis: 13h30 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
During the past week we have seen a support floor develop near $370 and 2450 CNY. The market traded price up in an ABC correction from this floor – implying additional decline – and yesterday’s analysis asked whether or not the support floor can be expected to hold.
Today, saw the development of the upward correction anticipated in yesterday’s analysis. We know that today’s small rising price wave is corrective because of its context immediately following the upside correction that started last Thursday.
A bearish lookout for the bitcoin price chart is supported by the following:
1) The repetition of