Bitcoin price has surged to $250 and 1600 CNY in what can only be described as magnificent price action. No other market instrument can do this and it is a unexpected reminder of the speculative potential in Bitcoin!
Bitcoin Price Analysis
Bitfinex 1-Day Chart
From the analysis pages of xbt.social, earlier today:
Price could achieve the red daily 200MA that has eluded it for months within the coming hours and then a pullback should be expected from $260 / $270. If the current surge was the wave top then we may see price retrace most of the spike to the upside. The depth of the correction will give clues to the next destination of price.