The recent failed attempt on $300, followed by decline back to support, implies that Bitcoin trading has abandoned immediate advance and will meander – perhaps lower – before trying to advance the price again.
Bitcoin Price Analysis
Time of analysis: 05h26 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 4-hour chart indicators show that the recent decline has become oversold.
MACD has turned back up, RSI reverse divergence compounded and the xbt.social stochastics have now left their lower range extreme. Decline is unlikely to resume immediately, but it does appear incomplete.
As mentioned in yesterday’s analysis, concern remains for the absence of divergence signals in MACD and the stochastics. The size (degree) of the waves that have unfolded since the $318 high should register divergence at this timeframe.
One interpretation is that a later wave – still to come – will haul sufficient downside to manifest the divergence that will set up a new wave of advance. This