The bitcoin price decline halted at the BTCC 4-hour 200-period moving average. The market has spent most of the day milling around this area in the chart and, unless there is a surprise development, seems destined to resume decline.
Bitcoin Price Analysis
Time of analysis: 13h00 UTC
BTCC 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 4-hour chart above highlights instances where decline had either struck a low or continued lower during downtrending price waves. The indicator being considered is a custom grouped indicator consisting of a fast and slow stochastic indicator.
Notice that, during a downtrend, price does not stop declining until both the fast and slow stochastics have reached their lower value extreme (zero).
The implication is that we will still see price decline below the current 200MA security blanket,