It's Elliott Wave!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
191 1
The main thing I am seeing is how perfectly Elliott waves are forming to this market.

* When wave 1 first started that was a clear sign that the bull market started based upon the very bottom that we hit.
* Wave 2 was simply corrective and it barley managed to break Fibonacci 61.8%.
* What is interesting to see is that wave 3 was the biggest wave that we have had yet. Something that wave 3 usually does. A pullback never occurred and there were only small corrections on the way up. I think few people started to jump on board halfway up during this wave.
* Wave 4 likely will be sideways for a long period of time. This again is another correction in the Elliott wave phase. A retrace at this point would be no greater then 38.2% (or around 601) from the previous wave. Volume will be much lower during this time as sellers aren't really looking to sell into the market. This wave is going to be on of the best times to buy in during the retracement. Talking with others I can tell they are bored of this market at this point which is a typical for the 4th wave.
* Our final 5 wave is going to be the last ride up before it stops. There are going to be quite a few investors how buy in this wave, but it is the wrong time as the are going to buy in before we reach the top.

Now for this market BBands are going to be key bounce points until we start to retrace back down.

For now I am going long, but won't exactly buy in until I see the bottom of this wave 3. Hold on tight lads and gals this is going to be a fun one!
We are still on track to hit 600 levels soon. Hope you had a short in before.

If not oh well we will catch this next wave up.
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