magarto

Bitcoin, correction and gap or continuation of downtrend

BTCE:BTCUSD   None
While last uptrend in the last days broke downtrend triangle, we are all expecting the new movement direction.
IMO two main possibilities (checking daily chart ) are:

A) Uptrend to 740-750 area if 540 support holds. RSI and CMF trust in it. If so, we would be in a correction of the last uptrend and a gap would be present in the next days (maybe 1-2). On H4, MA200 would be a gap of this correction to 50% of the last uptrend. Check next chart:

B) Downtrend to 450 area. EMA21 and EMA10 cross is about to be a reality on daily and also MA200 indicates a continuation of the downtrend from december. If so, wave 5 would bring us to 250 area without problem.

A third possibility in a mini bounce to 600-650 area which would mark a continuation of the downtrend.

I bet for A but B is much possible (and I hope so because I will be 2 weeks and a half on holidays without internet connections).
Let's see what is going to happen in the next days.

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