Bitcoin trading has price straining to gain altitude. Advance is following an upward trajectory but the wave pattern is choppy – indecisive trade for the most part but with small surges that, at least, push to new highs.
Bitcoin Price Analysis
Time of analysis: 05h40 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Price is advancing with difficulty, but is slowly making progress along a cautious trajectory.
At the current juncture, there seems to be a horizontal resistance layer, since price has not progressed to obvious targets at $295 and $297.50.
In addition, the present advancing subwave seems to be a corrective B wave. The subwave is tracing out jagged, overlapping candles and reversed at the previous high near $294.
Price may still push higher but it seems more likely that a retracement may happen prior to price pushing to the resistance level at $297.50 and then $300. The proximity of the targets in the advance since the