Bitcoin Price Analysis

Time of analysis: 15h51 UTC

BTC-China 15-Minute Chart

Why The Preference For BTC-China Charts In Analysis?

From the analysis pages of xbt.social, earlier today:

We have buy signals from the moving averages in the 5-minute, 15-minute and 1-hour charts. Price action is not surging as expected but the rest of our Trade Recommendation conditions are fulfilled and it is now Open (and has been for a couple of hours according to the chart signals).

Caution should be practiced here at the start of the trade since price is not moving away from the entry zone in a deliberate fashion, hence there is risk that the tardy waves can swoop lower and accidentally stop you out while still maintaining advance.

A few hours later:

The green 20MA has now risen above the entry level and represents our dynamic stop loss level that serves the dual purpose of locking in profit while gradually reducing the risk of holding this position in the market.

The bases of the current wave and the previous wave are circled in magenta and the final step-up pattern that precedes the price surge in wave 3 is circled in cyan. The "step-up" is exaggerated to the upside in the present wave, probably reflecting the strong buy-in, and bullish bias, we've been seeing in the market.