Bitcoin Price is going down. The downside thrust of the move from $275 to $264 at the time of writing leaves no doubt that a continuing downtrend is in force. Hopes of a 3rd wave turnaround are alive up to 99.9% retracement of the week’s advance, but the outlook is becoming grim.
Bitcoin Price Analysis
BTC-China 4-Hour Chart
Price fell way from 1,690 CNY in a tumultuous collapse. 1,640 CNY was reached in 30 minutes of cynical short selling as traders keep capitulating a bearish preference for drawing profits from the Bitcoin price chart.
As mentioned yesterday, .89 retracement of the prior advance is a potential target for this decline. However, the same prior advance never thrust away from its lows in the manner that a reversal at market bottom does, so, for now, we turn our attention to the previous low at $255 (Bitstamp) and 1,578 CNY.
Below those levels, we have $200, and 1,200 CNY, which (surely) should prompt even the most dedicated followers of the Bearish Way to look up to the skies?
BitFinex 4-Hour Chart
The structural damage is evident in this BitFinex 4-hour chart with Fibonacci Fan lines drawn from the post-previous high. Terrible dynamic. Short sell to $200 once price dips below $255.
Bitcoin price is selling off (in short selling, not abandon-ship investor fleeing) from $270 and 1,700 CNY.
The bears are capitulating the end of decline while cynics joyfully celebrate the end of Bitcoin. With such overwhelming negativity, the time for a Big Bounce is fast approaching.
1,200 CNY and $200 are extreme southern targets.*
* $204 target courtesy of Magnetic Trendline analysis by @KiwiOz.
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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.