ItisCalvin
Long

Waves Could Be Driving Us

BITSTAMP:BTCUSD   Bitcoin / Dollar
1074 1 3
I drew this chart yesterday and saved it but didn't publish it. I was curious as to what would happen. As of right now it looks like we are on a steady wave going up. There is another ABC corrective wave pattern playing out right now in the 4th wave. Concurrently I could have drawn more smaller waves, but that distracts from the overall moves we are seeing right now.
There is a possibility to go all the way up to 560 since waves 2 and 4 love to bounce of Fib levels, yet that does not always happen. A bounce off 500 seems quite likely if the fundamentals hold. Else watch out for breaking the low of wave 1. If this happens all waves are no longer valid.

I am seeing some bullish divergence going on right now on RSI . This signals to me that bull moves become that much more likely. RMI just entered positive 80+ territory so good news for a final push up.

Same exact chart that I made yesterday; timestamped for proof. http://i.imgur.com/uEpUA4I.jpg

Targets:
Bull: Anywhere from 500 all the way up to 560.
Bear: You decide. Lol... but maybe 400

Time:
Anywhere from 10-15 days unless China is able to move the market

60%

Blog with more if interested: http://www.allbitcointa.cu.cc/2014/05/surfing-bitcoin-waves.html
I think there are better markets to trade than this. When it goes sideways, I prefer to nibble a little and find another moving market until this one comes alive again - e.g. Gold is bouncing nicely and oil will be shortly as well :)
+1 Reply