Bitcoin Price Decline Eyes $400
Bitcoin price decline continued all day, and pattern analysis shows $400 (Bitstamp) is a likely target during the coming 24 hours. Price has remained below the 1-hour 20-period moving average (green) and 200-period moving average (red) since yesterday’s drop-off and all the timeframes below 1-week are now bearish. Two technical factors mitigate the possibility of strong decline: 1) price remains above $400 2) price is still above the long-term ascending support line (grey) just below $400 The current chart pattern corresponds to a price pattern seen at the start of April 2015 – exactly a....
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