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Bitcoin Price Advancing From Critical Support

Last Updated April 28, 2023 10:17 AM
Venzen Khaosan
Last Updated April 28, 2023 10:17 AM

Bitcoin price has advanced from the low in five clear waves and is above the contention levels 1500 CNY and $243. Also, elsewhere in CCN today, xbt.social announces unprecedented gains in its first six weeks of trading.

This analysis is provided by xbt.social  with a 3 hour delay. Read the full analysis here . Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Value and Price Analysis

Time of analysis: 18h45 UTC

BTC-China 15-Minute Chart

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From the analysis pages of xbt.social, earlier today:


The 15-minute BTC-China chart is shown in a zoomed out view to show more price history. The current ending pattern is reflected in previous similar patterns, circled in magenta.

As mentioned previously, the 2.618 Fib extension of the first declining subwave was struck to the pip in the BTC-China chart. This is probably due to the minimized effect of leverage in the TC-China chart, as opposed to the Bitfinex chart that dipped below the 2.618 target without striking any other recognizable target.

The advance is a five wave structure that has brought price back to yesterday’s corrective range, despite entering reverse divergence to the indicators from the outset of the advancing price move.

So, where to from here?

It will be ill-advised to jump into a long trade merely because we are witnessing an apparent advance. Remember that every first wave of advance is typically retraced up to 89% by the second wave that corrects it. Our strategy will be to get into the advance (if it has legs – more on this in a minute) when wave 2 has completed its correction of the initial advancing push. Price will be back at a lower support level, and the chart indicators will be giving recognisable buy signals. Additionally, the next wave of advance, namely wave 3, is usually the strongest wave of advance. All these are factors in our favor, which we cannot know will transpire at this early stage.

Price action may still revert into correction at this point. We have not advanced above remaining critical support levels higher up, and we need to see price above our bellwether moving averages – the [omitted with respect to xbt.social subscribers] at the 1-hour and 4-hour timeframes. This indication will tell us that the advance “has legs”.

All the frustration of the past several weeks now needs to be channeled into a final phase of patient concentration. We need to pick up the discussion to collaboratively determine levels, parameters and risks of a potential trade. Potential points of failure need to be established, and we get the pattern recognition hats on. The floor is open, and any and all analysis views are welcome, as usual.

Why The Bias Toward Using the BTC-China Chart

BTC-China has a trading history that spans mid-2011 till present. This is also true for the BTC-e and Bitstamp charts, so why not use them? Like many other analysts, xbt.social uses the Elliott Wave Principle framework as a guide to market behaviour. Bitstamp has the drawback that it’s price movements lag the other charts, and the wave patterns are, therefore, skewed – or ambiguous – during many price moves.

BTC-e and Bitfinex (arguably, the most-used exchange amongst CCN readers) have the additional drawback that their price charts are scarred by spikes caused by leveraged trade and the associated effects, at the termination of strong price moves, that margin calls have on price at those exchanges. This makes the chart difficult to read – as price spikes de-emphasize surrounding price candles – as well as, the obvious difficulty of deciding whether to use the candle high/low or close as the practical extent of the move.

BTC-China has also introduced margin trade – at low leverage – at the exchange. However, the bulk of daily CNY-based trades still appear to be non-leveraged, straight-in-straight-out trades and the resulting price chart is moderate, clear and well-suited to analysis. The long chart history makes comparative analysis between price waves and time periods easy, and zooming in and out of the chart renders undistorted candles and indicators, where leveraged exchange charts are rendered unreadable in the vicinity of their price spikes. The sheer liquidity of BTC-China’s orderbook is another reason for preferring its price chart as a barometer of majority market sentiment.


Bitcoin price had retested the lows near 1490 CNY and $238. The wave pattern formed during the bottoming process hints at a wave ending and we wait for price to advance above additional resistance levels higher up in the chart to confirm a larger advance.

Readers will be interested in reading the comments and fair criticism of xbt.social in Bitcoin Traders Gathering Steam At xbt.social.

The Bitfinex depth chart shows high seas to the north.

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Click here for the CCN interactive price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social  with a 3 hour delay. Read the full analysis here . Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.


The writer trades Bitcoin. Trade and Investment is risky. CCN accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Images from Shutterstock.