1 year downtrend Channel is broken.
Initial target reached(attached), short term overbought, could correct. Long entry at support.
50 sma Support.
Holding the 255-275 level support, targets 310, 340 and 390.
Weekly RSI gaining strength.
Another interesting thing I've noticed is that unlike previous upwards corrections, this one has been far steadier which supports the theory that $157 was the bottom. I'm expecting retracement to no more than $274.
i'm not surprised... and i won't even be surprised if it went to single digits... every bagholder believes it should be in 1000s or 10,000s and when you ask them based on what they have no clue, all you hear is because it's innovative blockchain and yet nothing unique about it, anyone can clone, improve upon it... i think stakes are insanely high for this immature cryptotech and now with Fed+IBM's assault on bitcoin, things are going to get rough..
I'm skeptic about Elliott Wave in this low liquidity enviroment...Short term BTCUSD charts don't seem to convince me, since I consider that they don't properly reflect the sentiment of both the small retail operators and the better funded players.
I'd be wary of going lower than weekly to base decisions on.
Weekly Chart View , just to round it up, imho. Price has broken from primary downtrend channel, finding resistance against 20 sma, has cleared some long term horizontal supports, 50% last wave and Channel median line(red), (305-310 level), if and when broken, may open the door to higher levels, while Stochastics has cleared a horizontal resistance, and is gaining ground. Symmetric Projection lines(channels) are also shown.