Bitcoin Price Holding Ground – Outlook For The Week

Bitcoin price is holding ground near $250 and 1550 CNY after a surge from $240 yesterday. Monday morning may see markets, especially the Euro-pair forex instruments react strongly to the surprise twist in the Greek elegy. We consider the paths of price in the coming days, with critical levels that will define the price action.

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Bitcoin Price Analysis

Time of analysis: 14h34 UTC

Bitfinex 1-Hour Chart

Bitfinex 1-Hour Chart

From the analysis pages of, earlier today:

Two wave counts try to make sense of where price action may be heading.

The black count is preferred and involves no change to our previous outlook of continuing decline in a final wave C. This wave C should target previously identified levels at $230, $222 and perhaps lower, although this prospect will be explored once we have confirmation of decline.

An alternate count is annotated in red and implies continuing advance to $280 and eventually $300. This count is not favored, but it cannot be ruled out as a potential path of price. The global economy is about to deal with a shock event, namely Greece turning the tables on the IMF and ECB on Friday after markets had closed. The possibility of a Greek referendum shunning the creditors’ terms and voluntarily defaulting will bring many worst case scenarios into focus, a topic that will be addressed in tomorrow’s CCN.LA Global Economic Outlook. Weekly Euro Volume Chart


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