Bitcoin Price Still Going Through The Motions

Bitcoin price formed a small declining wave in quiet trade, today, and has currently turned back up. Be cautious for now, there is not yet any confirmation in the chart that the correction is complete.

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Bitcoin Price Analysis

Time of analysis: 14h30 UTC

Bitfinex 1-Hour Chart

Bitfinex 1-Hour Chart

From the analysis pages of, earlier today:

On the Bitfinex chart for a change and difficult price action to use as a basis for predicting anything beyond the coming hours at this stage.

Yesterday’s wave to the upside reversed back down after regular divergence formed at its top (magenta annotation on price and RSI).

Today’s move lower has formed reverse divergence to RSI as price comes close to its previous corrective low but RSI is indicating a slightly lower low (blue annotation on price and RSI).

Limited Decline?

The move down has not yet given strong signals of being complete and it may find support closer to the red 200MA in this 1-hour chart. The RSI reverse

Read more ... source: TheBitcoinNews