DanLaffas

BTC (Weekly) - bump and run theory

BITSTAMP:BTCUSD   Bitcoin / Dollar
Stepping back from the shorter time frames, I wonder if this will play out????

For further explanation, refer to:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:bump_and_run_reversa
I was intrigued by your theory, now the first resistance was broken, but so far price remains unchanged. A couple of weeks from now we wil have much more info to see how likely above scenario is. I expect the green like that was just broken will become resistance now.
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DanLaffas Asterix
Yep, that's what I'm thinking as well. Price may still climb to the original target zone but only time will tell.
Thanks for your feedback Asterix
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I'm now inclined to think we've hit our peak for this correction and will continue back down to the historical growth base line. We didn't quite make the 50% retracement target of 744.94 so my end target is in the 260-280 region perhaps by around December 2014.

Check out my new chart from 15 July 2014.
Bitstamp Weekly Chart - Updated 15 July 2014
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So far, so good :)
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DanLaffas Asterix
One more leg up to finish this overall move (5 wave) and then it should break down through the lead-in line. I'm aiming for a high of 750-790 before it rolls over.
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