BTCUSD end of cycle 5

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
for this chart.my wave count seems that the wave are completed the 5 cycle wave.
the reason why im going to go long for this chart is.
-end of 5 wave count(based on my count)
-rejection candle on the 227.30 support level .

my strategy will be long when the price is making new higher high on the 240 time frame chart.
also have to confirm with the oversold condition.which now seem that there is no confirmation to the reversal going upward.

just my analysis to learn.anyone can comment.

thank guys!!
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