Analysis provided by Ashton Fraser, learn more about his Forex Reversals trading strategies.

Bitcoin 's movement may have slowed down in recent days, but that's not to say we can't apply technicals to the current market. Indeed, they are valid as ever.

Hence, for today's analysis, I'm going to focus on the fifteen minute chart. Take a look at the BTC/USD M15 chart below (click to expand):

I've performed the Fibonacci study from yesterday's high at 640 to yesterday's low at 609.

Now, there's one particular candle which we need to pay attention to, circled in blue, from 21:15 GMT last night. This candle initiated the retrace that has continued on in today. We can see how it's lower wick is very long compared to it's body, and there's virtually no upper wick to speak of. Essentially, this is a hammer candlestick, a classic potential reversal pattern.

At the same time, we had the Stochastics being underbought, and just having crossed upwards (circled in blue). Soon after, both the core Bill William's indicators, i.e. the Accelerator Oscillator and the Awesome Oscillator turned green, and the retrace was well underway.

Price of course has stalled at a couple of main levels, first at the 50% mark, (circled in white), and most recently, just in the past few minutes it's been struggling at the 61.8% Fib level, at 628, where it's been tested three times already. I don't expect price to surpass this level this afternoon.

Analysis provided by Ashton Fraser, learn more about his Forex Reversals trading strategies.

Bitcoin 's movement may have slowed down in recent days, but that's not to say we can't apply technicals to the current market. Indeed, they are valid as ever.

Hence, for today's analysis, I'm going to focus on the fifteen minute chart. Take a look at the BTC/USD M15 chart below (click to expand):

I've performed the Fibonacci study from yesterday's high at 640 to yesterday's low at 609.

Now, there's one particular candle which we need to pay attention to, circled in blue, from 21:15 GMT last night. This candle initiated the retrace that has continued on in today. We can see how it's lower wick is very long compared to it's body, and there's virtually no upper wick to speak of. Essentially, this is a hammer candlestick, a classic potential reversal pattern.

At the same time, we had the Stochastics being underbought, and just having crossed upwards (circled in blue). Soon after, both the core Bill William's indicators, i.e. the Accelerator Oscillator and the Awesome Oscillator turned green, and the retrace was well underway.

Price of course has stalled at a couple of main levels, first at the 50% mark, (circled in white), and most recently, just in the past few minutes it's been struggling at the 61.8% Fib level, at 628, where it's been tested three times already. I don't expect price to surpass this level this afternoon.