BitcoinLong
UPDATE BTC/USD Huge bullish descending triangle almost complete
EDIT 1: A user on bitcointalk forum posted an idea that triggered my thoughts, and i must admit he might be right. He suggested that there might be a false break of the descending triangle, putting us for a a short moment sub 240. The same user suggested a quick dip sub 200 is even possible, though i dont see that happening easily
EDIT 2: Big chances we haven't seen bottom yet, we will revisit the lows and probably break them (for a short time). This should be the last and final leg down.
As stated in previous charts, we were expecting a rapid fall with target +/- 250. At the moment of writing bitstamp has been down to 255, hovering now at the 268 mark. I still believe we might see one last panic selloff, which would bring us to the previously announced target of 250.
Hitting this target will signify 2 things;
1) Finishing off minor wave 5 (Elliot wave analysis) which should be followed by some nice ABC correction
2) Touching down on the long term descending bullish triangle which has been forming since the 1170 top.
I believe we are very near the end of this long bear market (which was a huge possibility to short like there is no tomorrow) and we will soon enter the final and biggest bull market, historical wave (V).
For now I would suggest to go long, with no looking back... (EDIT: if you go long, keep in mind there is a chance we might revisit the lows before beginning the big bullrun)
EDIT 2: Big chances we haven't seen bottom yet, we will revisit the lows and probably break them (for a short time). This should be the last and final leg down.
As stated in previous charts, we were expecting a rapid fall with target +/- 250. At the moment of writing bitstamp has been down to 255, hovering now at the 268 mark. I still believe we might see one last panic selloff, which would bring us to the previously announced target of 250.
Hitting this target will signify 2 things;
1) Finishing off minor wave 5 (Elliot wave analysis) which should be followed by some nice ABC correction
2) Touching down on the long term descending bullish triangle which has been forming since the 1170 top.
I believe we are very near the end of this long bear market (which was a huge possibility to short like there is no tomorrow) and we will soon enter the final and biggest bull market, historical wave (V).
For now I would suggest to go long, with no looking back... (EDIT: if you go long, keep in mind there is a chance we might revisit the lows before beginning the big bullrun)
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