Bitcoin Value: An Unsafe Haven

Bitcoin price has failed to push higher in the chart and now cannot avoid the strong bearish influence of the green 20MA crossing below the red 200MA in the daily chart. Our outlook changes from consolidation into advance, to correction into decline as bitcoin value is repriced.

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Bitcoin Value and Price Analysis

Time of analysis: 13h46 UTC

Bitstamp 1-Day Chart

Bitstamp 1-Day Chart

From the analysis pages of, earlier today:

In the daily chart, the green 20MA crossing below the red 200MA is in progress.

The indication should see downside continue as the other MAs also follow the 20MA in a cascade of bearish crossovers. Bear in mind that the moment when the 50MA crosses over the 200MA often sees price rebound toward the point of cross-over. So a push higher could be expected then, after which downside should resume.

The prospect of this sequence of events completely changes our outlook for the chart. Whereas we had been expecting consolidation into an

Read more ... source: CryptoCoinsNews