We could see more breakout to the upside over the next few months...
but we're still in a strong overall downward trend.
Thus near-term, covering shorts at around 245.
---- EDIT: Title should say "BTC" not "BCT" ---- Here's a simple fan chart following trend from Jan which shows target to 250 level by mid-Summer. There are just too many bag holders at this time and level to give any hope until Despair mode is over. Again, look to short any bounces and/or go long any dramatic down-swings... but be careful holding anything long for long.
Clearly, trend is down. Expecting 250 range for some support. After-which, we may see a Summer of despair. There should be a few opportunities to cover and go long after dramatic down moves. However, there's no reason to be hopeful until later this year... or significant news.
