ronfkingswanson
Long

Winding up for another quick bull run to challenge Old Bear Line

BTCE:BTCUSD   Bitcoin / Dollar
891 6 12
We've been crawling carefully up this local bull channel, and could still drop a leg to the bottom of it before bouncing, but if you notice the yellow circles, we might actually be about to repeat the move of Feb 26th, where we formed a small arch before exploding into a strong 5-wave bull push. The fibs I've placed are clearly projections, as we haven't finished this move yet. My targets are still the same as the last chart I published, when I thought we'd break out of the previous local bear channel earlier. We've still got an overhead trend ceiling of $288 likely capping any big move. And on the daily, if we get anywhere near there, we'll be in position to challenge the Big Old Bear ceiling since the Nov 2013 bubble top. Expect bulls to get really high on hopium if that happens...

(see alternate whiplash scenario below, first comment) UPDATE -- looks like I should have published the green scribble instead :P