In the ongoing correction below significant chart resistance near $243 (Bitfinex) and 1507 CNY (BTC-China), the Bitcoin price chart is unfolding a complex corrective price pattern. Today's summary article outlines the market condition, with more extensive analysis to follow on Monday.
Bitcoin Price Analysis
Bitfinex 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
A wave count showing the progress of the correction. The labeling does not show it, but price may push higher from label "d" to extend the current price wave, before declining in a more complex wave "C". The labels "d" and "e" assume a simpler correction that completes at support anywhere between $232 and $237 (Bitfinex).
A move above the resistance ceiling at $243 (Bitfinex) and 1506 CNY (BTC-China) should see acceleration to the upside, to initial targets at $250 and potentially $270.
Familiar names and places. Once price action hauls some distance we can expect to see the leaderboard re-arrange. It just depends on who is holding short and who's long.
Every gambler knows that the secret to surviving is knowing what to throw away, and knowing what to keep; Because every hand's a winner and every hand's a loser. - Kenny Rogers (The Gambler)
Price action has slowed down and there is little movement other than maintaining the corrective middle-ground near $240 and 1490 CNY. The market is consolidating and traders are best advised to wait for the next move down to complete so price may show if the market wants to rally or continue crawling east. A breach of the resistance ceiling at $243 (Bitfinex) and 1506 CNY (BTC-China) means advance is underway.
Bitfinex orderbook depth shows large orders tightly packed around the area of price action:
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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.