Bitcoin trading got a reminder, yesterday, of the volatility that can take flame, within minutes, in this market. Today’s price action confirms the view that price is in a downtrend and that the spike was merely an upward correction.
Bitcoin Trading and Price Analysis
Time of analysis: 15h46 UTC
Bitstamp 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
A sell signal formed in the 15-minute chart [identified and illustrated at xbt.social] and it pulled price down to the red 200MA. The move has not been completed in all of the exchange charts: notably the CNY exchanges and futures charts do not yet have price at its 200MA.
Once price does achieve the 200MA, across exchanges, we would expect price to climb above and below it a few times (as per the price action in the left of the chart) before setting up the next decline.
Chart events like yesterday’s short, sharp sucker punch can really