Bitcoin Price Falling Lower

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Bitcoin price made a determined low to $226 (Bitfinex) and 1430 CNY (BTC-China), today. Selling pressure seems relentless and the decline may only be midway to the bottom.

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Bitcoin Price Analysis

Time of analysis: 13h26 UTC

BTC-China 4-Hour Chart

Why The Preference For BTC-China Charts In Analysis?

From the analysis pages of, earlier today:

The earlier advance caused indicator divergence as it climbed higher. The same dynamic applies as described in yesterday’s analysis: every time an upward correction causes reverse divergence in the indicators, an additional low is possible.

Price is currently touching the support and resistance level around $225 and 1410 CNY (higher of the two magenta lines in the chart). It is not clear whether this is the middle of decline or its ending: strong divergence in the stochastics implies a move higher is required, but this decline seems relentless and may continue lower after a pause.

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. – John Templeton


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Once Bitcoin price can break the divergence cycle and advance through upside reverse divergence, we’ll see price heading back up to the 4hr 200MA near $237 and 1470 CNY. Until then, price is below both the 20MA (green) and 200MA (red) in the 4-hour chart and decline could continue to $215 and 1300 CNY, as illustrated by the lower magenta level in today’s chart.

Bitfinex orderbook depth and Buy/Sell Volume:

Click here for the CCN interactive price chart.

source : cryptocoinsnews


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