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Bitcoin price surges higher but remains within the area of the recent correction. Technical analysis looks at levels and confirmation of advance.
Bitcoin Price Analysis
Time of analysis: 14h30 UTC
OKCoin 3Months Futures 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Price has surged higher from its 1-hour 20-period moving average (20MA).
Although this could very well be the start of the next wave of advance toward upside targets at $600 and $680, there are two concerns that warrant caution:
1) The small parabolic wave of the past few hours typically characterizes the ending of a surging move.
2) Price has not yet left the area of recent correction (blue rectangle).