Bitcoin price had steadily advanced in an upward curving wave for several weeks. Yesterday, price neared the 2000 CNY psych level corresponding to our target at $320 and turned down. This morning, following news out of Brussels about a new Greek austerity deal, price plunged through $300 and is busy regaining consciousness down below.
Bitcoin Price Analysis
Time of analysis: 13h37 UTC
Bitstamp 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
An impressive sell-off and it begs the question: did the news announcing that there will be no Grexit cause the move? Or was the sell-off going to happen anyway?
Elliott Wave Principle and the Socionomics Institute, argue that news is merely a catalyst that prompts the market to do what it was going to do anyway. There