ivogruev
Long

Bullish pattern

BTCE:BTCUSD   Bitcoin / Dollar
132 0 1
The correction started on Feb. 21 seems to be over. The bottom formed on Mar. 5 at 394 is main support now. I waited to see what kind of pattern BTC will drow. The picture again favor the bulls. We have 5 waves up. According to Elliott wave rules wave 4 must not overlap wave 1. As per BTC-e chart the overlap contradict this rule. But according to the Chinese exchanges wave 4 does not overshadow wave 1. So I can accept this labeling as acceptable compromise. Now the best confirmation for this scenario will be a correction reaching the range between 50 and 61.8% Fibonacci. There I am planning to start reinvesting. Only a clear break down below 394 will prove wrong this scenario. The target is above 460.
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