Firstly I'm using BTCChina as that is the oldest exchange that is used as a confirmation by chinese who trade on Huobi and OKCoin.
As you can see I have drawn a trend line (green) from the september 2013 low (FBI raid of Silk road). Yes its a very bullish Scenario but EW analysis puts the current price at completion of wave 4 and I believe we have bottomed on very good volume and looking to go up as part of wave 5.
Looking at the last few days on both Huobi and OKC there has been a lot of volume in short timeframes which I believe is a big battle between bulls and bears. So far between 26th dec to now (29th dec) the bears have pounded the price and at one point it took 42K BTC volume in 45 minutes to go down just 60 CNY yesterday on both Huobi and OKC combined. The price has now double bottomed in the past week and triple bottomed in the past 2 weeks all above $300 (~1870 CNY) on all the exchanges. It seems we will need a lot more volume to go below $300 but time will.
The current lows have also not reached the 3 year long term trend line (brown). Other alternate EW counts predicts a breach of this brown line and this may still happen but already we have seen very high volume at the completion of wave 4 the past few days and I believe we will be looking to go higher from now on.
As you can see I have drawn a trend line (green) from the september 2013 low (FBI raid of Silk road). Yes its a very bullish Scenario but EW analysis puts the current price at completion of wave 4 and I believe we have bottomed on very good volume and looking to go up as part of wave 5.
Looking at the last few days on both Huobi and OKC there has been a lot of volume in short timeframes which I believe is a big battle between bulls and bears. So far between 26th dec to now (29th dec) the bears have pounded the price and at one point it took 42K BTC volume in 45 minutes to go down just 60 CNY yesterday on both Huobi and OKC combined. The price has now double bottomed in the past week and triple bottomed in the past 2 weeks all above $300 (~1870 CNY) on all the exchanges. It seems we will need a lot more volume to go below $300 but time will.
The current lows have also not reached the 3 year long term trend line (brown). Other alternate EW counts predicts a breach of this brown line and this may still happen but already we have seen very high volume at the completion of wave 4 the past few days and I believe we will be looking to go higher from now on.