Possible scenarios over the next day or two

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Right now, the market is sandwiched between two vital levels of support and resistance . If it breaks down, that confirms a move to the $220s. If it breaks up, then we can expect to see a little bit of consolidation in this are followed by a steady move toward $400.

Both scenarios are plausible at this point, but I wouldn't underestimate the bulls at this point because bull markets often surprise everyone. Many people are expecting a heavy retrace, but this may turn out to simply be the beginning of an even bigger bull market that will make the recent parabolic move look like peanuts.

Overall, I'm still very bullish long-term. As I've mentioned before, I think we've established a long-term bottom and I don't think this is just a bullish retrace in the middle of a bear trend.
Update Jan. 30, 2015:

Price bouncing off $220 and moving back to prior breakdown support as indicated by the arrows.
This is actually quite good.
Thumbs up. Also macroeconomic trends (Euro meltdown, S and P market top) may make BTC into a safe haven.
i was thinking something similar,
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