Now specifically, these are some of the reasons why I think BTC is in the same position as LTC was in immediately before it started increasing on 5-31-15: Covers Three 3D bars (time), Crosses AO zero line, Has red , Bar in grey zone, Blue Gator touch, and decreasing at the end of Wave ii.
There are some other things that I may have missed, and on the lower time-frames BTC supports having just completed a rather large corrective pattern, so either way, even if this target is wrong, we should get at least some uptrend starting here. My goal is to long bitcoin here on 20x quarterly and hold until we are in at least the 300s. However, if I notice momentum significantly start to shift on a high time-frame, I won't hesitate to switch my position. The upside arrow is an intermediate target for bitcoin , I suspect that we should at least near an . of XA for both BTC and LTC. This does not look like the end of the downtrend for Bitcoin , only a significant bull-trap. Litecoin is not nearly as clear on the monthly time-frame, but I suspect that it is in the same bull-trap pattern as Bitcoin . My downside targets are around 170, but that is not entirely certain just yet, current price action will determine future targets. Until then, MOOOON!
Happy Trading! :)
"A good traveler has no fixed plans, and is not intent on arriving." -Lao Tzu
On a lower time-frame it should be noted that this looks like a possible Wave iv of 5 of c. Meaning after a day of consolidation we'll get a small leg up and then a major drop down to test 209 and 170. Here's the 4H count I'm looking at.
Since the correction preceding this up-move was of the Double Combination variety (Zigzag x Flat) It is very unlikely that this will end up being an extended wave, because, generally, this type of wave is not followed by a particularly strong move. This sets up the most likely possibility as a 5th Wave Failure. All of the surrounding evidence supports that conclusion as well, so for now it is most likely the best conclusion. This conclusion only becomes invalid if we break 1610cny because then the wave that I have labeled as x3 on the 4H chart is actually not an extended wave and we are likely in a 5th Wave Extension or possibly a new impulsive wave.
So as wonderful as it would be to see $350 bitcoins by next month, I think it may be an overly optimistic view. I'm still holding on to my long but I will most likely close it on the next leg up unless it has very strong momentum and is able to break 1610cny, at which point I will probably add on to my longs.