Using 1day-Bollinger Bands (BB,20,3) and SMI Ergodic Indicator (well, basically both are price based as SMI_Ergodic is based on True Strength Index) for BTCUSD and adding a rough extrapolation (using data from Jan-Jun, 2014) -> I think that BTC might be zigzagging in the roughly-hand-drawn channel (upper: red, lower: green).
This is NOT a trading advise, just a biased idea from a non-pro. Do your own analysis, study risks and use stops [especially now when 1-week-BB low is as low as 1k(!)]. Criticism/comments/ideas welcome.