Bitcoin Advances Above $300

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.

This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here.

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.

Summary

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.

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