Bitcoin price is traveling under a bad sign. The possibility of strong decline from the current chart position is high but, thankfully, mitigated by established support below. Will the support hold? We cannot be sure and focus on building a short position regardless of where the bottom may be.
Bitcoin Price Analysis
Time of analysis: 15h41 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price has conformed to the expectations of our xbt.social trade recommendation thus far. Price is consolidating above $230; MACD (bottom) is training its zero line, the stochastics (top) are falling away from their upper extreme, and RSI is descending after making an upside reverse divergence to price.
xbt.social is building a short position for this trade. Traders would have opened at least one partial position when price reached the blue 50MA or when MACD reached its zero line.
It is impossible to anticipate whether the market will trade price to the 200MA or whether