This is an update of a chart I made 10 days ago (check linked ideas). I've added some inner waves and some corrections.
Yesterday's drop to $276 could have ended the (5) wave of C. You can zoom a bit to see the decomposition between (4) and potential (5). Long-term support, lowest-point after burst ($275), first level of fibonacci retracement are all pointing to this important level. If the ABC corrective triangle is over (correcting the Dec. 2013 burst) we should be going out from the endind diagonal from the upside pretty soon. In EW and TA this pattern/figure is a bullish one.
However, we should note a correct counting is allowed with testing the falling wedge again (and old ATH). The counts would remain correct and stop the 2014 bear market aswell. C would be around January's end, ~ $257.
IMO if you're long-term bitcoin beliver this a nice time to accumulate. If not, waiting a possible drop to $257 or the breakout from big falling wedge could be a better idea. Good luck !
Yesterday's drop to $276 could have ended the (5) wave of C. You can zoom a bit to see the decomposition between (4) and potential (5). Long-term support, lowest-point after burst ($275), first level of fibonacci retracement are all pointing to this important level. If the ABC corrective triangle is over (correcting the Dec. 2013 burst) we should be going out from the endind diagonal from the upside pretty soon. In EW and TA this pattern/figure is a bullish one.
However, we should note a correct counting is allowed with testing the falling wedge again (and old ATH). The counts would remain correct and stop the 2014 bear market aswell. C would be around January's end, ~ $257.
IMO if you're long-term bitcoin beliver this a nice time to accumulate. If not, waiting a possible drop to $257 or the breakout from big falling wedge could be a better idea. Good luck !
