The Bitcoin price has advanced to above $300 and 1,800 CNY in vigorous trade today. At the time of writing the market is maintaining trade above the $300 mark, but it is unsure price will make another high before profit taking corrects price back down into the $200s.
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Bitcoin Price Analysis
The size and momentum of the wave up is raising our expectations about what may be happening in the Bitcoin chart. The wave up to $300 and 1,800 CNY is clearly not a correction inherent to the declining wave that had printed this month’s low. The current advancing wave is of a larger wave degree and is, therefore, defining a new phase of the larger Bitcoin price chart structure. There is not yet sufficient confirmation in the chart to call this a new long-term wave of advance, although it certainly does look like it.
The Bitcoin price is trading back above $300. There is room for additional advance to $350 but profit taking may see price correct to 50-70% of the advance.
Buying has dominated during the past 24 hours, but selling (interpreted as profit taking) has increased during the past hour.