Entire bubble correction since Jan. descends in 3-drives pattern

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
2693 25 20
There are many other projections around trying to guess the "bottom" of the bubble correction, and there are many trendlines and historical patterns to consider in defining that bottom. This analysis ignores the past data and simply looks at the price action since the November ATH             as one long corrective series of oscillations "deflating" the bubble. On its own, regardless of historic trendline intersections, this wave pattern (a precursor to the Elliot Wave methods) seems to point to a low of $290 on Bitstamp before finally moving on to the next trend.Yes, this 3-drives pattern is bullish , but only once the final leg down to point 3 is completed. So at this moment, we have a solid drop looming before finishing this corrective pattern. This chart, unlike my others, is with Bitstamp data, as their wedge is better defined without the flash crash dump of late February that Bitfinex and BTC-e experienced.The ratios formed in these waves do not conform to the strict textbook ratios of a 3-drive pattern, but the overall formation is pretty obvious. Bitcoin             markets frequently form patterns resembling traditional forex/stock formations, but tend to be not so precise.Another indicator to notice is the Algoview MACDBB, whose oscillations are clearly narrowing since the ATH             to the point where we're currently very near a flat signal.UPDATE 5/12: new daily candles are curving right underneath the ichi cloud bulge, won't touch it. See chart update below.
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a close-up of the current approach to the bear triangle boundary shows what would have to happen if the bulls think they can rally strongly from this level. not only would the bear triangle have to be finally breached, but a heavy ichi cloud would have to be crossed. Best case, price could continue to slide sideways and just skirt under the cloud to rise much later.
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Price has now curved completely around the ichi bulge and is climbing up but under great strain. 4hour RSI is banging up against the historic bear trend ceiling of 60, and we're all just waiting for some impulse
Close-up view of the candles scuttling around the cloud. Also showing 4H head and shoulders forming.
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FlaviusTodorius ronfkingswanson
It will be interesting to see if this works out for you guys that have shorted at this point.
I wouldn't be surprised if bitcoin will completely ignore your prognosis of the 3-drives pattern. It shows some really nice support at the 430-440 level. I for one think that it will break out soon, and upwards not downwards. But we shall see.
ronfkingswanson PRO FlaviusTodorius
I reserve the right to be dead wrong... ;-)
Right on track
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