BITSTAMP 2H, PRZ's, AB=CD and Cypher on the horizon

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
300 5
I'm still trying to pick up the pieces from last week. It's funny how when something knocks you off your trading high-horse you can start to second guessing the way you trade. No better way to get back in the saddle than with a new chart!

We've got two competing AB=CD patterns vying for dominance, Bullish in red, Bearish in blue. Bulls did achieve a higher high, higher low over previous structure, but it is looking as though they might let this one get away from them. Short term I'm looking for price to reach for my D leg completion of the bearish ABCD around $590 and will be watching (hoping) for momentum to take us to the C point of the Cypher pattern in the high $570's before a reversal. Yes it's a long way off, but you gotta plan ahead. :)

If things go pear-shaped on me I'll be looking to lick my wounds on the way to $650 for our Bullish ABCD completion. Likely at that point we would call off the Cypher hunt as well.

Cypher Pattern Requirements:

~ Point B is established by a minimum 38.2 retracement of XA leg. The AB move will remain valid so long as 38.2 is achieved and there is not a candle close beyond 61.8 of XA retracement.

~ Point C is establishe by at least a 127.2% extension of the XA leg. The BC             move will remain valid as long as there is not a candle close beyond the 141.4% extension of XA.

~ Point D is formed by a 78.,6 retracement of the distance, XC.

~ C must always exceed A; D must always exceed B.

Targets: #1, 38.2% retracement of CD let ... #2, 61.8% of CD.
A move up to resistance at 655 seems possible if what's happened is a classic double bottom at 607. The MACD seems to show some potential for further upward movement. Now where'd I put that damn crystal ball?
For those who don't know (Per investopedia): "Most technical analysts believe that the advance off of the first bottom should be 10-20%. The second bottom should form within 3-4% of the previous low, and volume on the ensuing advance should increase."

I haven't seen these requirements met yet.
dime ninjabenja
Thanks for the reference; a good argument against a double bottom then!
I'm down with the bullish back to 660 on stamp.
Don't jynx me - I need cheaper coins!
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