Bitcoin value (price) has made an intra-day high at $254 (Bitfinex) and 1580 CNY (BTC-China).
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Bitcoin Value and Price Analysis
Time of analysis: 16h44 UTC
BTC-China 15-Minute Chart
From the analysis pages of xbt.social, earlier today:
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We are still holding out for higher targets at $260 and 1600 CNY but the corrective action since the high has shown greater energy than the wave up. This leads to the conclusion that the wave today was corrective to the upside and that additional decline may be due.
It is difficult to get a handle on where we are in the wave pattern. Some longer-term wave counts have been proposed but here near $250 and 1500 CNY, in the middle of this year’s trading range , and with no solid confirmation that a low has been struck, we have little confidence in what price may do next.
The usual BTC-China chart is shown above, but with fewer indicators and price represented by a line graph instead of candles. Line charts are much easier to use when counting waves because the analyst’s mind does not have to blur candles into a wave shape and interpolate subwaves.
The count is self-evident, except for the final wave v of 5… it somehow starts with a three-subwave and then completes with a five-subwave pattern – an anomaly of the Bitcoin and Gold charts.
Notice that the wave pattern circled in magenta has a similar shape and internal structure to the abc (or i,ii,iii) since yesterday’s low. Counted from the very top (near $300) there are 5 clear waves to the downside and we would therefore expect to be advancing since yesterday.
However, the upside move has been strained and resembles the previous correction, so something is not right. Unless, that is, the advancing wave can pick up the pace.
Summary
Bitcoin price advanced today, from yesterday’s low near $240 and 1445 CNY to $254 and 1580 CNY. Although we have 5 waves of decline completed from this month’s high near $300 and 1900 CNY, price action is ambiguous and we await additional price waves to either show accelerating advance or to resume decline to a final low.
Bitfinex Buy/Sell Volume during the past 24hours and last hour:
Click here for the CCN interactive price chart.
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Disclaimer
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.
