Bitcoin price has spent the past 24 hours in a corrective price pattern below $410 (Bitstamp). Large buy orders wait passively below $404, but bearish chart bias implies the sellers could simply consume them, as had been the case during the past week.
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Time of analysis: 15h00 UTC Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The 1hr chart contains several indications:
1) MACD (panel immediately above price) is moving toward its zero line, implying another push higher. However, bear in mind that the MACD formula returns to zero even when price only moves sideways, so another high is not guaranteed. Traders should be prepared for the possibility with an eye to taking profit.
2) The stochastics (top panel) are ascending to their upper extreme – an indicator condition that, when fulfilled, will see the next declining wave begin.
3) Price has not yet reached the Fib extension target at $400 (orange arrow), hence we would expect at least another small wave down before a larger correction and then decline to the area of the blue rectangle. The blue rectangle includes the level of the 2.618 Fib extension target at $385, as well as a long-term supporting Fib line that is apparently enticing sellers.Not displayed, the 4-hour and 1-day charts show no indication that the downtrend is complete – or even oversold. We can therefore expect additional decline, but in relation to points 1 and 2, above, traders should think defensively about the possibility of a push higher before decline resumes. Price Summary The bitcoin price chart is in a bearish technical condition in the […]
