The past six weeks’ bitcoin price rally has bolstered the market’s confidence. A technical price correction coincided with news about Greece, yesterday. Even in correction, the market is now more active and optimistic and we may expect additional rallying price waves when the current retracement has run its course.
Bitcoin Price Analysis
Time of analysis: 10h45 UTC
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
A look at the longer timeframe 4-hour chart shows the rally to a wave high near $320 and 2000 CNY. The level of the high is slightly below $320 and corresponds to a 2.618 Fibonacci extension (obscured by chart text) projected from the very first wave of advance during the first half of June.
There are some technical factors that argue in favor