Bitcoin price has begun to slowly lose altitude below $580 (Bitstamp). As usual, exuberant buying continues at the wave top, so upward spikes may still form. Analysis looks for the initial confirmation of a downward price correction.
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Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
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As the OKCoin September futures contract opened today, price surged to near $616 in that chart. Although it was not a new futures high, it does speak of the bullish sentiment of traders with regards to the late-July reward-halving event.
The other exchange charts remained subdued – most of them putting in a lower high for the day.
We now keep an eye on price action in relation to the 1-hour 200MA (red). If trade establishes below this moving average it will confirm a short-term bearish phase, especially if the green 20MA crosses below the 200MA.
For every move up, eventually, there must be a price correction. Downside targets include $540 and $500.
Summary
The bitcoin price chart is rolling over and chart technicals show that we can expect a corrective decline prior to the next major advancing push of this year. Downside targets include $540 and $500, but (given the positive mood and strong fundamentals) a large decline is not expected. Price may still fling out to the upside in buying fake-outs, but rather than anticipate the move down, let the market and moving averages show the way.
Bitfinex Depth Chart and Buy/Sell Volume
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Disclaimer
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Image from Shutterstock.
