Bitcoin Price Support May Be Temporary

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.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 13h00 UTC

BTCC 4-Hour Chart

Selection_20151202_007

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,

Read more ... source: TheBitcoinNews

NO COMMENTS