Bitcoin Price Faces Lower Lows in Continuing Slow Decline

Bitcoin price is reattempting a move higher but the progress is slow and both technical and sentiment analysis shows a bearish mood in the chart. Yesterday’s technical analysis concluded that the outlook for bitcoin price is bearish while it fails to break above the prevailing resistance ceiling (blue down-sloping line in the chart). Ongoing analysis is informed by the position of price in relaiton to this ceiling: if the market can successfully trade price above it, we can expect continuing advance. As long as price remains below it, we can expect another series of lower lows. Mood....

Bitcoin price declines reluctantly and has not achieved a new high since Sunday. Successive lows are printing in the chart and the bulls seem to be using each as an enthusiastic buying opportunity, making for a jagged decline. Since Sunday’s high price has been making lower highs and lower lows, but the decline is proceeding with difficulty. At the smaller timeframes price can be seen to swiftly retrace each wave to a new low by almost 90% of its length. Either the decline is in its early stages and the bulls are still reluctant to concede, or this downward move is corrective and will be....

Bitcoin price has drawn sideways around $450 (Bitstamp) for most of the day before making a rounded push higher. The decline may be over but additional price action is needed so soon after the strong upside reversal. The attached 15-minute chart shows price action since early May. A few chart annotations relating to previous analysis are visible, but today’s analysis focusses only on the drop since yesterday. It is unclear whether price has found support at the $450 level, and will now begin another slow push higher, or whether the sideways price action is setting up the next leg of....

The bitcoin price decline halted at the BTCC 4-hour 200-period moving average. The market has spent most of the day milling around this area in the chart and, unless there is a surprise development, seems destined to resume decline. 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. Bitcoin Price Analysis. Time of analysis: 13h00 UTC. BTCC 4-Hour Chart. From the analysis pages of xbt.social, earlier today: The 4-hour chart above highlights instances where decline had either struck....

Bitcoin price continues labored decline. Optimistic buying intermittently pulls price to lower highs while the technical indications in favor of additional decline are compounding. The most recent lower high had formed reverse divergence in RSI (magenta annotation), and we can expect another wave down today. Bitcoin price decline continues with effort. For now we observe the price reaction at the 1hr 200MA (blue circle). The next reaction level is the up-sloping support line. If price breaks below this line, then the primary target is $404 (at the purple circle) and a secondary target at....