In the ongoing correction below significant chart resistance
near $243 (Bitfinex) and 1507 CNY (BTC-China), the Bitcoin price chart
is unfolding a complex corrective price pattern. Today’s summary article
outlines the market condition, with more extensive analysis to follow
on Monday.
Bitfinex 15-Minute Chart
A wave count showing the progress of the correction. The labeling
does not show it, but price may push higher from label “d” to extend the
current price wave, before declining in a more complex wave “C”. The
labels “d” and “e” assume a simpler correction that completes at support
anywhere between $232 and $237 (Bitfinex).
A move above the resistance ceiling at $243 (Bitfinex) and 1506 CNY
(BTC-China) should see acceleration to the upside, to initial targets at
$250 and potentially $270.
Price action has slowed down and there is little movement other than
maintaining the corrective middle-ground near $240 and 1490 CNY. The
market is consolidating and traders are best advised to wait for the
next move down to complete so price may show if the market wants to
rally or continue crawling east. A breach of the resistance ceiling at
$243 (Bitfinex) and 1506 CNY (BTC-China) means advance is underway.
Bitfinex orderbook depth shows large orders tightly packed around the area of price action:
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