Bitcoin price lurched to a nominal new high in some exchange charts and a lower high in most others. By the time of today’s xbt.social morning analysis the signs were in the charts: the bulls had given it all they could but had depleted their resources and energy. Will they, after a price correction, regroup and stampede again, or can the bears come out of their six-week hibernation?
Bitcoin Price Analysis
Time of analysis: 14h08 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today (04h00 UTC):
A move higher and toward an overhead resistance level near $250 and 1600 CNY across exchanges.
Once achieved, sometime today, price should correct lower. There are large orders in the orderbooks at 1600 CNY (BTC-China and Huobi), $250 for Bitfinex and Bitstamp, and $260 for OKCoin 3Mths.
What will happen after the obligatory correction lower is not clear? The raging bulls have achieved a minor new high despite weeks of compulsive buying. It may