Although not making strong upside progress, persistent buying is pushing bitcoin price higher. Bitstamp and Bitfinex had failed to decline to support as the rest of the exchange charts had done. Price direction will remain uncertain until more confirmations are found.
Bitcoin Price Analysis
Bitstamp 4-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price today advanced back to the previous support zone in the low $270s (Bitfinex). The CNY exchanges are grappling with their 1700 CNY psych level and the 1-hour 200MA is just overhead.
The structure of the current wave to the upside is not impulsive. In other words it is not going to keep advancing to $300 and beyond. Its structure is corrective – readers can see the zigzagging structure of the wave – especially near its base. Such choppy price action is not characteristic of an impulse wave which tends to draw large clean waves with minimal overlap (see,