Bitcoin trade seems to be targeting every Fib extension religiously this weekend with the price ladder even and patterned. The price wave topped out near $270 and 1660 CNY and has since fallen back to chart support near $250 and 1560 CNY.
From xbt.social analysis pages, earlier today:
Price is correcting around $255 and 1620 CNY. Once correction completes the next target is $270 and 1660 CNY. The target extension level, 5.618, coincides exactly with the 1.618 Fib from a previous extension, as well as, the Fib line directly above.
There has not been a stronger reaction at $260 than at previous levels, so perhaps $270 sees some more market reaction. The prospect of touching the Fib line is what leads to this expectation. The presence of the 1.618 Fib extension from a previous projection is what really adds confidence that this will be the reaction level, so taking profit at $270 (if you have not already done so at $260) is highly advised.
Bitcoin value (commodity price, in this context) is advancing strongly from a support floor at $210. The advancing wave is currently correcting and should soon resume the journey north. Immediate targets are $300 (Bitfinex) and 1900 CNY (BTC-China) and once price achieves the level of the previous high we will be able to assess its intentions about additional advance.
Bitfinex orderbook depth implies we may see $230 on this correction – if the bulls can wait long enough, that is.
What do readers think? Please comment below.
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.