Bitcoin price is pushing higher in a typical impulse wave pattern. The $240 and 1550 CNY level is offering “resistance” due to nervous profit taking near the previous local high. A trade entry suggestion.
Bitcoin Price Analysis
Time of analysis: 15h26 UTC
OKCoin 3Mth Futures 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
Our initial target has been hit squarely, and intermittent Fib extension levels imply an eventual target near $250. Another target (not shown) points to the $255 level.
The current wave is going to advance and retrace regularly, this much is evident from its base formation which has rapid fluctuations – and a great number of them – indicating that this is, potentially, large degree wave.
We have a valid 1-hour MA buy signal across the majority of exchange charts and could, therefore, expect the present wave to continue higher. Additionally, there is no divergence or reverse divergence in the hourly chart, that is retracing from the