Bitcoin value (commodity price, in this context) is advancing strongly from a support floor at $210. The advancing wave is currently correcting and should soon resume the journey north. Immediate targets are $300 (Bitfinex) and 1900 CNY (BTC-China) and once price achieves the level of the previous high we will be able to assess its intentions about additional advance.

Bitfinex orderbook depth implies we may see $230 on this correction – if the bulls can wait long enough, that is.

Bitfinex 15-Minute Chart

 

 

Bitcoin trade seems to be targeting every Fib extension religiously this weekend with the price ladder even and patterned. The price wave topped out near $270 and 1660 CNY and has since fallen back to chart support near $250 and 1560 CNY.