The current Bitcoin price correction, since the 30 June high around $265 and 1665 CNY, has been tracing a path similar to the previous 17-25 June correction. Should the market take this pattern to its logical conclusion, we can expect another advancing wave and for trade to take price to a new high. However, alternate scenarios may be introduced by developments in Greece, this weekend, and technical analysis looks for the pivotal price levels traders should look out for.
Bitcoin Price Analysis
Time of analysis: 06h15 UTC
BTC-China 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Bitcoin price is holding above the 1-hour chart’s 200MA.
The market has been trading price in a similar price pattern to the previous correction, and consequently, another advancing wave to a new high