Bitcoin price advance accelerated today and pushed to $400 (Bitstamp) and 2740 CNY. Although a price correction is overdue, the advance is relentless.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
OKCoin BTC/CNY Spot 1-Hour Chart
From the analysis pages of xbt.social, 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