At this time it appears that the next bitcoin price wave is breaking to the upside. If the bullish mania is not too eager, price could still make a penultimate or final wave to support at the lower grey trendline (and red 200-period moving average) before the surge continues. A cautious reminder in the chart is explored.
Bitcoin Price Analysis
Time of analysis: 15h14 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
The market is herding to trade this breakout to the upside, but we have to be careful of making up our minds based on appearances. There may be deception or, simply, incorrect perception at play, so also be prepared to trade to the downside. A typical chart formation prior to a drop is that the market trades price to above the 200MA and then a sell-off occurs. An example is circled in the middle of the chart.
The spanner in the works is