Bitcoin price has taken the low road as the market sells off prior to the block reward halving. Bitcoin price, how low will you go?
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
OKCoin BTC/USD 15-Minute Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price has done the expected unexpected and stepped over the edge.
Those lucky so-and-so’s at xbt.social had a Sell trade open at 04h15 UTC when a valid sell signal (red arrow) was emitted across the timeframes we track (signal restricted to subscribers).
Fib extension targets for the declining price wave are near $600 and $550. The Fib extension tool is drawn across the length of the declining wave that starts at the top-left of the chart.
A wave count for the initial declining wave is annotated: i-ii-iii-iv-v. Now that we have another declining wave unfolding, it is possible to apply Elliott Wave principle to the chart: the