The price action has completed a classic ABC correction for the up move. Moreover, with the release of the segregated witnesses in the next bitcoin client update, there are fundamentals to support this up move.
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I believe that it will take five months or more to complete this move.
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Trade closed. This will break $480.
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dub00
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Many would say your initial analysis was spot on, and remains so, but you seem quite determined with the change of heart here?
meghal.jani
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Current move to the upside looks corrective, unlike previous moves. The structure looks like it is entering a year long correction to the $450 instead of a fast move to $900. May be this is just me. You may have a different opinion. That is the beauty of the market.
dub00
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I am divided. I was very keen on the idea of a move to the late 400's. Then the bitfinex hack helped spike that last low of 470 or so and I was sure it would not end with that. More recently I have been doubting myself which is why its interesting to see your current view, and I like that you are perhaps in a minority here but following your convictions regardless. Thanks for responding.