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.
Bitcoin Value and Price Analysis
Time of analysis: 13h46 UTC
Bitstamp 1-Day Chart
From the analysis pages of xbt.social, 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