I don't have great hopes for a $340 hold. This price has a very small history of trades. Most of the people that bought at this level have sold at much higher prices.
Fundamental factors are at play. The mining activity has far exceeded the expectations and is currently debasing the value. This is a relatively short term problem due to the finite ceiling of circulation. Also, adding downward pressure are the retailers that accept payments but then transfer this back into their native currencies. This is a longer term fundamental pressure but it does get alleviated as consumers buy back cheaper to replenish the cycle. As long as the price of continues to slide, consumers will be reluctant to buy back in.
The wave and cycle theorists are all full of hot air. market capitalization and usage is far too premature to predict any future performance. It will be the fundamentals that dictate future value. Right now the fundamentals are not so good. Technically, has a big wide downward pointing open mouth and shows no sign of a bottom action.
Personally, I like to sleep at night so in my own investing strategy I use the weekly and daily charts to dictate when it's safe to play the 4-hour chart. Currently I have sell signal indicators active on all three charts. Using this strategy I have missed some minor moves but never have missed a major. The major moves, got in at $100 got out at $1000, got in at $400 and got out at $600, have dwarfed the minor moves in profitability.