Bitcoin price declined today without printing a new low. It may only be the first wave of decline towards a Classic(TM) induced low but, ultimately, we know that Core development has a mid-year block-reward halving rally in store.
Time of analysis: 14h00 UTC
From the analysis pages of xbt.social, earlier today:
A lazy sell signal in the 15min BTCC chart (not shown) and what looks like a five wave decline in the 1hr chart (above).
Although there is no 1hr MA sell signal (and still some time to pass before one will develop), notice, in the 1hr chart, the similarity between the current declining wave and a similar decline from a high in the top left of the 1hr chart. Judging by that wave, the current decline may still continue to the 1hr 200MA before correcting to the upside. It does look like we’re going to see another wave of decline in the coming days or week.
However, there is no signal that allows us to position just yet. Let’s wait patiently and see what unfolds.
Bitcoin price has entered bearish chart territory and only a surpise reversal could see price recover the current downturn. With no need to predict price’s next mood, let’s wait for a decisive signal up or down.
What do readers think? Please comment below.
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Last modified (UTC): January 22, 2016 17:04