ChartArt

Bullish Bitcoin Pattern Seeks Confirmation

BITSTAMP:BTCUSD   Bitcoin / Dollar
A few ideas how the price could move the next weeks based on the potential bottom of $275 and the last peak of $454, as well as the interim bottom of $317.

green arrows = uptrend
red arrows = downtrend
blue arrows = sideways


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Thanks!
Hey, we've escaped those nasty red arrows!
Or... are they trailing arrows?
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ChartArt FluidicFX
Good question. I think we escaped them, unless the red support line gets severely broken below.
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Where did the time intervals come from?
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ChartArt kakola
I looked at a dozen of past pivot points of the past weeks and applied a Fibonacci time zone to each one. And where most of them occurred at around the same time I chose those. I never read a book or even a manual how to do it, so it's basically try and error since I never used Fibonacci time zones before.
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kakola ChartArt
Very clever. Well tomorrow we will hit one of those intervals, let's see if this indecision is resolved...
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ChartArt kakola
Those Fib Time Zones don't mean that there will be a sudden trend change the same day, only that it's close somewhere in the next next days.
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14:50 UTC
Thursday, November 27, 2014, week 48
Current price: $370

Sadly the market bought back too early, almost killing the uptrend because not everyone was on the same page. A slower more steady sideways accumulation growth would have been better for a long-term uptrend:

snapshot
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03:20 UTC
Sunday, November 23, 2014
Current price: $357 (again!!!)

It could up or down, but I'm now more convinced that BTC goes down the upcoming days and therefore possibly invalidating my bullish hope
This could be the end of Bitcoin


snapshot
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19:23 UTC
Friday, November 21, 2014
Current price: $357 (again)

It's hard to say if this was the bottom or not. I need one more day to determine the trend

snapshot
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14:00 UTC
Thursday, November 20, 2014
Current price: $357

Finally the new direction has become clear after days of choppy sideways movement:

snapshot
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