Bitcoin price sold off from just below $450 to $430. The market may be wondering whether this is the start of a downtrend, but wave analysis shows that the advance has more upside in store.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
OKCoin 3Month 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
A sell-off has drawn a long red candle in the price chart and retraced advance since Friday.
According to the wave count in the chart, bitcoin price is apparently extending its 5th waves and has just completed wave 3 of the larger advancing wave. The current sell-off would count as wave 4, and that implies another advancing wave – wave 5.
The 4th wave (today’s sell-off) had targeted the area (magenta rectangle) of the previous 4th wave – labeled