BITSTAMP:BTCUSD Bitcoin / Dollar
Daily candles are forming a base for the remainder of the year is my gut reading. Price remaining within the range of $397 to the topside and $346 on the bottomside will formulate strong foundation for behavior after the New year. I believe the basing will consume the time through December 25/ end of year. I see an extremely strong point of energy marked on that day which could signify the beginning of the bulls buying. Conversely, a break and close of $346 by December 25 could be the beginning of a large sell off to $161.oo
Update 11/12/2014; This method seems to have some traction. Current daily price bar just nailed the downward sloping Median after gaining momentum at a strong source of energy which coincided with creating a Double Bottom at the beginning of November. Price is still on the lower portion of the fork indicating is hasnt gained enough strength for a long term surge. I would expect price so drop back into the $397 level, seeking support and volume. Or price could very well trend downward into the $346 price range and gain support after Year End.