Bitcoin, Back to the Future Part 2

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi traders

Update to my March 9th 2014 comparison which so far BTC is tracking.

Take a couple of minutes to analyse, then it should be clearer.
Fib channels and horizontal fib retracements are in place, and as you can see it is tracking exactly on the weekly. Just a speed difference. Vertical red dashed lines show the RSI is at a similar level, and has experienced a similar down trend.

All this indicates we are in a wave b up before wave c down starting mid July to new lows for the year Nov which will coincide with the 78.6 fib.

If it continues, it should swing up to the mid 10,000 and stablise before continuing the downtrend. But first I anticipate a drop back to low 7's ( but it could go as high as $9000 in the next few days beforehand) for some accumlation during the next couple of weeks (this would coincide with the cme futures at the end of the month), then a few weeks of bullish . If this drop happens, it should be a good place for entry - obviously after you have done your own research.

Education only, not trading advice

Please like if you find this interesting. As it unfolds I will refine my comparison.

Trade safe.


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