Bitcoin Price May Fall Through The Line
The bitcoin price chart is becoming ambiguous as it approaches its first large move for the new year. Traders have been actively accumulating bitcoin, yet, regardless a potential sell signal is developing at the larger 4-hour timeframe. It would be a disappointment to see price fall back into decline at the beginning of the year. Although there is no current 4hr chart sell signal, a 20MA and 200MA cross-over at this timeframe has rarely failed to see the market capitulate. Should a sell signal occur then the initial target should be the previous low at $410 and 2550 CNY.
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Bitcoin price exhibited a deep dive yesterday to reach a low of around $232 to fall just below the new trend line that we spotted during yesterday's analysis. By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com, plotting the 20 hour EMA and extending the trend lines we plotted on the 4 hour charts during yesterday's analysis (look at the below chart), we can conclude the following: Bitcoin price dropped yesterday from $243 to around $232 during the 12:00 GMT hourly trading session to fall below the new trend line. Earlier before this drop, the price was well below the 20....
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