The Asian morning session has pulled the Bitcoin price below the weekly pivot level at $476. The question is what the European and US trading sessions will do with today’s chart. If the market wants to take a stab at the $412 target, then today presents that opportunity. With each downtick, the conditions increasingly favor a price-rocket ignition spark
Last Opportunity For Bitcoin Price Decline
The 4-hourly Bitstamp chart shows that price action has formed a similar structure as had preceded strong decline in the past two months.
Downside price action could either flash down to $412 or unfold as a diagonal fifth wave. What mitigates a short, sharp flash is the current state of the exchange orderbooks which show large amounts of buy orders in price’s path. Bitfinex, for example, has over 10,000 BTC buy orders between current levels and $410.
With sustained selling pressure, price could descend in a two-steps-forward-one-step-back fashion, resulting in the diagonal fifth wave mentioned previously. Decline to $412 would not register a new decline low and turns our attention to the prospect of a strong bounce from the new local low at $412.

This post was published at Crypto Coins News on 16/09/2014.

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