Bitcoin price has halted decline and may have found support at the $555 (Bitstamp) level. The 4-hour candle chart shows that advance is possible, but that a critical watershed for decline remains close-by. This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here . Not a member? Join now. Bitcoin Price Analysis Time of analysis: 13h00 UTC Thursday Bitstamp 4-Hour Candle Chart From the analysis pages of xbt.social, earlier today: Price action has stopped making lower lows – for now – and we’re yet to see a series of higher highs. It’s too early to discard the notion of additional decline since the past day’s upside pattern may only be an upward correction. While we wait for the chart to develop further, let’s consider intermediate trend in the 4hr hour chart. I had mentioned, prior to the drop from $650, that a large decline would emulate the pattern of the decline that setup the June rally. August’s price action seems to be continuing in line with the idea of a resumption of advance. 4-hour MACD (top) has worked its way closer to its zero line and could cross over within a few days if price continues advancing. The influence of an apparent rising support level provides a useful feature in the current area of the chart. Thanks to fellow analyst Unterhashing for point it out. Its approximate location is annotated in green. This may be the long-term support that is preventing further decline. However, we keep an eye on its location since – should it fail – we’re likely to see rapid decline to $500 . The 1hr chart (not shown) is signaling a potential push higher today (Thu 18 Aug) but the signal is happening below the 1-hour chart’s 200-period moving average, so […]
