Bitcoin Price Analysis: Mixed Chart Indications

Bitcoin Price Analysis: Mixed Chart Indications

Bitcoin price advance accelerated today and pushed to $400 (Bitstamp) and 2740 CNY. Although a price correction is overdue, the advance is relentless.

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Bitcoin Price Analysis

Time of analysis: 15h00 UTC

OKCoin BTC/CNY Spot 1-Hour Chart


From the analysis pages of, earlier today:

Pushing above the significant resistance identified in yesterday’s analysis, the price pattern’s wave count has been revised from an ABCDE structure to a simpler ABC correction.

The OKCoin BTC/CNY chart shows the contradictory signals that have characterized the past two weeks:

1) The last wave top has hit multiple Fib extension targets – this implies that a deeper correction (or reversal) should now set in.

2) The fact that the advance has gone parabolic means that it is treacherous to call a top. The top may not be in, although a

Read more ... source: TheBitcoinNews

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