BITCOIN PRICE SLUMPS ON RATES DELAY

cryptocoinsnews.com / VENZEN KHAOSAN VIA xbt.social  / 30/07/2015

In an important moment for global markets, and the bitcoin price chart, the Federal Open Market Committee steered clear of committing to a date for their first interest rate hike since the Fed adopted ZIRP several years ago. The Fed’s cautious stance calmed market nerves and Bitcoin price slumped in response.

Bitcoin Price Analysis

From the analysis pages of xbt.social, earlier today:

The analysis outlook that price would return to the support floor near $287 still holds and there is some concern that the move may pull price back into decline.

The market has failed to push above $300 and the structure of the wave, to date, reminds of the failed attempt on $300 back in March. The failure had seen the market fall into a long period of decline.

A similar decline, in the current chart position, is unlikely because of the bullish alignment of moving averages at the larger timeframes. It is possible, however, that price does unfold a declining wave as the wave count in the chart implies.

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