Bitcoin price made a return to the previous wave high today and now looks to have resumed an advance. Or has it?
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
BTCC 5-Minute Chart
From the analysis pages of xbt.social, earlier today:
The zoomed out BTCC 5min chart shows the articulation (subwaves) of today’s advance clearly. It’s an impulse wave and to be expected in this wave position. That it should be so strong comes as a surprise, but this same over-exuberance is what makes the wave vulnerable to deep retracement.
(Note to xbt.social members: The OKCoin 3Mth chart, posted this morning, had halted advance at the Fib line, as projected, and price is now making a smaller upside wave back to the Fib line.) The preferred wave count remains, and favors a return to decline at the