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Bitcoin Price Continues Decline

Last Updated May 8, 2023 2:16 AM
Venzen Khaosan
Last Updated May 8, 2023 2:16 AM

Bitcoin price continued heading lower today and declined to an intraday low (at the time of writing) near $230 (Bitfinex) and 1440 CNY (BTC-China).

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Bitcoin Price Analysis

Time of analysis: 13h51 UTC

BTC-China 15-Minute Chart

a chart showing the price of a stock market

Why The Preference For BTC-China Charts In Analysis? 


From the analysis pages of xbt.social, earlier today:

A new low for this declining wave and the signs of it nearing completion are starting to show. It may already be complete, but that can only be confirmed by price rising above the Fib line, overhead, and the 4hr 200MA (just above the Fib line).

As matters stand in the chart, we have divergence in the stochastics (top), as well as, their grouping at the oversold lower extreme. RSI (second from top) has diverged from price without a preceding instance of reverse divergence. These are signs that reversal is imminent, but price is below a Fib line that has acted as support, and the green 20MA can be seen crossing below the red 200MA – a bearish sign – so we continue to expect decline until a decisive reversal is seen in the chart.

The financial markets generally are unpredictable. So that one has to have different scenarios. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market. – George Soros


a table with a number of items on it

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Bitcoin price continues decline in the face of popular sentiment that expects advance. Chart indicators, specifically MACD and RSI can still tolerate decline until reverse divergence occurs to the low near 7 May (see the magenta line in the chart above). Once this blatant technical buy signal flashes in the 4-hour chart, the market might rapidly advance price back above the 200-period moving average and the Fibonacci fan line as had happened on two previous occasions during April (one instance can be seen in the left of the chart).

If reversal has already occurred, today, then we wait to see it confirmed by decisive advance above the 4-hour 200-period moving average and the Fibonacci fan line, as outlined above.

Bitfinex orderbook depth and Buy/Sell Volume:

a line graph showing the number of people in each country

Click here for the CCN interactive price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social  with a 3 hour delay. Read the full analysis here . Not a member? Join now and receive a $29 discount using the code CCN29.

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The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Images from Shutterstock.