Bitcoin Price Analysis: Last Chance At $640
Bitcoin price decline pulls deeper into the consolidation zone around $650. Below $640 there is a freefall zone to $600, yet a reversal at $640 cannot be ruled out.This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. If you are new to trading or unfamiliar with the concepts and analysis tools used below, subscribe to xbt.social to learn the ropes.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:The Bitstamp 4hr candle chart shows a broad overview of the final large wave to the June high, followed by a correction that quickly slammed down to $560. Subsequent price action had been ambiguous while price went through the paces of a correction – rendering the indicators mostly useless and leading the market into two bull traps prior to slumping once more.On the weekend two declining scenarios were considered:1) a large decline to $600 or $560, as per the overlapping Fib extension targets and support and resistance at these levels, or2) a final subwave of decline to the consolidation pivot level at $640 (Bitstamp) from where price should reverse strongly into a new rally.Today’s wave of decline did indeed target $640 from where it bounced strongly. The second scenario, above, may therefore be unfolding. However, a few technical considerations keeps the outlook bearish:Yesterday’s daily candle closed below a descending 20-period moving average. Additionally, the 4hr chart (above) is trading below a declining 200-period moving average. The 4hr and 1hr candle charts both have their MACD indicator below its zero line and falling away below its signal line.Let’s give the market more time to show if the bullish conviction has been awakened or if we follow the bear to the bottom.
Summary
Bitcoin price has continued decline below the weekend’s lows. The large timeframe charts remain bearish, but a potential reversal zone lies just below price at $640 (Bitstamp). On balance, it seems that the xbt.social stochastics (magenta circle, top-right) must first complete their downward oscillation and group at minimum before the bottom of this decline will be in. Primary decline target: $560.
Bitfinex Depth Chart and Buy/Sell Volume
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.DisclaimerThe 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.
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