Persistent bitcoin trading pushed price higher for most of today and the evident price pattern – a spike followed by an upward curving arc – has transformed from choppy price waves to longer green candles advance with few retracements. Although the price pattern is characteristic of a price correction, the push higher may not be over.
Bitcoin Price Analysis
Time of analysis: 15h34 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
As discussed in yesterday’s analysis, the manifest price pattern is prevalent in the chart – most recently during late August and early September – but the distance being covered by the arc is outsizing many of its predecessors.
If price continues higher, then we face the time-old dilemma: What is its target level? If this is a coordinated move initiated by the largest players, perhaps in anticipation of a likely Fed rates hike this year, then the advance could be relentless.
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