Bitcoin USD; BTCUSD forming a base? or selling off further

BITSTAMP:BTCUSD   Bitcoin / Dollar
333 6 4
Bitcoin 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 bullish 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
Don't you think it will land on a double bottom? Right now, I don't see any clear indication, my signals say ranging laterally for 2 weeks.
coondawg71 PRO IvanLabrie
Looks like the double bottom is in place.
Double bottom seems likely...leading to a descending triangle perhaps?
IvanLabrie PRO coondawg71
Well, price reached my time and price target earlier than expected, and surpassed can go for a second drop down to at least 293.15 in 5 daily bars from now.
IvanLabrie PRO IvanLabrie
Well, price's moving along your lines...really interesting setup. Curious to read more about it. See you at 117-180.
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.
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