ANALYSIS: BITCOIN PRICE STILL ON A DECLINE?

According to today’s updated Bitcoin price analysis, the exchange rate has been drawn back to yesterday’s low of near $473. The trend is still pointing down, and the indicators show scope for further decline.
This analysis update refers to an in-depth Bitcoin price analysis report published on Sunday.
Bitcoin Price Going Down?
Looking at the hourly Bitstamp chart, price can be seen attempting to break below the central decline channel that has contained price action for the past ten days. If a breach to the downside occurs then the immediate target will be $460 which is weekly pivot support S1, overlapping with a 1.618 Fib extension of the first wave down (labelled ‘i/a’).

This post was published at Crypto Coins News on 01/09/2014.