Bitcoin Price Analysis: Looking Bullish But Bias Bearish

Bitcoin Price Analysis: Looking Bullish But Bias Bearish

Bitcoin price continued sideways today in low volume trade that is looking more and more likely to turn to decline.

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Bitcoin Price Analysis

Time of analysis: 14h00 UTC

OKCoin BTC/USD 4-Hour Chart


From the analysis pages of, earlier today:

Two wave counts reflect the ambiguity of the current juncture of price.

At the present high inside the rising channel (dotted grey lines), the B-C-D count (black labels) has reached a corrective high from where we’d expect to see decline to at least $370 – the level of the base of the previous corrective advance.

An alternate wave count (red labels) is bullish and would see price accelerate to the upside in a rally toward $500.

Today’s 15-minute and 1-hour charts (not shown) give the impression that price could be forming a base for another

Read more ... source: TheBitcoinNews

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