ShortThePlanet
Short

Ending diagonal as a wave C

BITSTAMP:BTCUSD   Bitcoin / Dollar
215 8 6
We probably have an ending diagonal which is acting as a wave C of a minor correction. Short-term target: 638-640, then next wave down.
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I don't think that we are going down, if we can stay above 625 for weeks. But I agree that if the uptrend fails at 638-640 and then goes below 625 - that we in that case could see a very big wave down.
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We stayed above 700 fro weeks in January. You can see the result
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ChartArt ShortThePlanet
That was during a massive downtrend. It's something different during an uptrend.
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We are still in an uptrend.
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ShortThePlanet PRO ShortThePlanet
sorry, we are still in a downtrend
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ChartArt ShortThePlanet
I know. The overall big uptrend started in May. Whatever happens now is only a correction of it, as long as we stay above 400 US Dollar.
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I recognize the upwards move from April/May as a correction of a downtrend.
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ChartArt ShortThePlanet
We hit a bottom ending the downtrend from the Winter in April and started a new large uptrend in May 2014.

But the since first rally in May was too high too early, we now face the risk of a correction back to the bottom at around 450 US Dollar, before the uptrend to $1000 resumes.
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