Bitcoin price made a full retracement of the week’s advance and seems to be finding support at the base of the prior advance.
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Bitcoin Price Analysis
Time of analysis: 13h00 UTC
Bitfinex 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
By late yesterday, price had returned to the level from which this week’s advance had launched. Just prior to this report, the market again again tested this level at 2500 CNY and $380 ($375 in some exchange charts).
Without acting on such anticipation, we might see a reversal here – back to a temporary advance and later returning to this very same level being established as a new support floor near $380 and 2500 CNY.
The price pattern is reminiscent of a similar retrace that unfolded during mid-April 2015. In that case it was followed by a period of sideways consolidation.
If medium-term advance will now proceed we should see an advancing wave this weekend.
Summary
Bitcoin price is testing the $380/$375 and 2500 CNY level for support. If this level holds and price begins advancing we may be entering the base building phase of a large wave of advance to follow in a few months. If the current support floor gives way then we could expect the price correction that started in December to plumb deeper into the chart.
Bitfinex Depth Chart and Buy/Sell Volume
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