Bitcoin price decline is on hold as the market chooses the upside. Is this the start of a new advance, or merely advance in a correction?
Bitcoin Price Analysis
Time of analysis: 15h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price spent the past 24 hours in a sideways holding pattern. At the time of writing a surge higher began from the day’s hourly candle closing low.
The Elliott wave count from the recent top is labeled and the present upside wave remains consistent with an ABC correction.
If this wave count is correct, then we’d expect wave C to target the 1.618 Fib extension of wave A at $664. This will also be the approximate level of the 1hr 200MA, as well as a 50% retracement of the decline since 18 July.
From this level, the decline implied by the 4hr and 1day candle charts can