LeMogwai

Short term downtrend is over, expecting 540-560.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As you can the daily have clearly some room to go up, we get down without any major retrace. 540-560 is a legitimate target if can break above 515-520 (A). From there (B) we can retest the midterm downtrend trendline, break above will push to the high 500s maybe to retest 600 (C), if we fail to break above 600 we can expect then to get to bottom of the pennant in the low 500s (D).
If (A) or (B) fail to break up, i m expecting a retest of the 460s area (E)

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