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Bitcoin Price: A Marginal New Low

Last Updated April 24, 2023 1:06 PM
Venzen Khaosan
Last Updated April 24, 2023 1:06 PM

Bitcoin price declined from its previous consolidation area above $230 today. The move lower has fallen into 1-hour chart divergence and should now correct from current levels before resuming the downtrend.

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Bitcoin Price Analysis

Time of analysis: 14h37 UTC

Bitfinex 1-Hour Chart

a chart showing the price of a stock market

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

An earlier xbt.social analysis made a technical case in favor of raising our target for this trade from $207 to above $210.

We retain our opportunistic take-profit orders at $180 and $150 as previously discussed. Your take-profit for the primary target should, therefore, be for 50% of your position. You could, of course, take 100% profit at the primary target and then re-enter. Any spike to the downside is a probable event and not guaranteed.

The discussion above takes care of offense. In defense of our position and funds, we should consider that today’s drop has formed regular divergence in 1-hour RSI and MACD. This indication could see the market take profit and then turn to buying and result in price pushing all the way back to our entry zone or nearer the 200MA (red). However, given the fact that price is now below the 1-day chart’s 100MA 10% envelope and also below the 1-week 200MA, we should hold position.

If you still have allocated margin funds that have not been used in this position – hold back – you could use the funds strategically if price pushes higher. For now, only add to your position when price drops below this week’s previous decline low.

Last defensive note: consider pulling your stop loss lower so that it closes your position if price approaches your entry level – calculate your fees and determine your break-even level. We may be convinced of additional decline, but volatility is rising and anything could happen. Protect what you have.

I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have. – Paul Tudor Jones


In light of the recent muted price action, some traders have expressed concern that price decline may be limited to present levels or, at most, the support floor at $220. This may be true, however, we are not yet seeing strong signs of reversal in the chart indicators. Irrespective of the current correction higher, price looks set to continue decline to at least $220. xbt.social’s targeting system has the current declining wave low between $220 and $210.

Bitfinex orderbook depth and Buy/Sell Volume:

a line graph with different colors and numbers

Click here for the CCN.LA interactive bitcoin 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.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.


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.