Bitcoin Price Advances, Tiring Legs Overdue
The bitcoin price advance of the past few weeks has been as relentless as it has been vexing. I must confess I have been stymied and surprised by the inexorable strength of this advance off the 750 low. However, all advances must end sooner or later. This begs the question: when? Even a novice Elliott Wave reader can see that there were (2) 5 waves completed at the 1080 high. That was also the place where the 2nd arc of the 4th pair stopped the rally. Well, it turns out that as of this very moment, pricetime has again met the very same arc that stopped the last rally. Will it get through....
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Bitcoin price advance accelerated today and pushed to $400 (Bitstamp) and 2740 CNY. Although a price correction is overdue, the advance is relentless. Pushing above the significant resistance identified in yesterday’s analysis, the price pattern’s wave count has been revised from an ABCDE structure to a simpler ABC correction. The OKCoin BTC/CNY chart shows the contradictory signals that have characterized the past two weeks: 1) The last wave top has hit multiple Fib extension targets – this implies that a deeper correction (or reversal) should now set in. 2) The fact that the advance has....
It was just several days ago we reported on an issue some Circle Internet Financial users were experiencing. If you're not up to date, here's how it went. Some users of the new service (which is in invitation-mode only at the moment) had reported being charged fees by their financial institutions for taking out cash advances, when in actuality they were just buying bitcoin at Circle. Those cash advances come with hefty fees, and Circle previously made the following statement: We've become aware that some credit card issuing banks are erroneously processing settlements as cash advances. It....
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An unapologetically bullish Bobby Lee takes to mainstream media to dispel any hint of doubt about what’s next for Bitcoin price action. Bitcoin is long overdue for a “FOMO rally” to new all-time highs that could touch $200,000 or more, say one of its oldest investors.In an interview with Bloomberg on Sept. 29, Bobby Lee, former CEO of exchange BTCC, cast aside any suggestion that the price of Bitcoin (BTC) was in trouble.Lee: Bitcoin has been due for next rally “for a long time”One of an increasing number of sources staying bullish on Bitcoin for Q4, Lee — who went on to found wallet....
Readers of the weekend update article will no doubt now understand why I said that I was going to pocket my gains in bitcoin at the $715 point. To recap, this is what the daily chart looks like: I pointed out that as of Saturday night, pricetime was bumping up against 4th arc resistance. While 4th arcs do not typically stop strong advances such as this one cold (but NEVER say never), they quite often slow advances down with a pullback. So it was that I suggested that it was a good time to pocket the $80/coin we had made since we called the start of the advance at the end of the 3rd square.....