Bitcoin price crossed above resistance this week and is now straining to make a new high. Upside may continue but the indicators say the bulls may only have resources for one or two more highs.
Bitcoin Price Analysis
Time of analysis: 14h06 UTC
BTC-China 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The current upside wave is running out of time. It may still push to $260 and 1700 CNY but, eventually, it must correct as each wave before it did.
There is no doubt that the upside has accelerated, as can be seen from the distorted wave pattern circled in magenta. This upward bias is present in all the charts except the OKCoin 3Mth which has only made lower highs for the past two days.
The reversal could be