BTCUSD - BITCOIN - Could it confound the BULLS?
There is lot of excitement as traders compare previous "Bubble" and subsequent price bottoming from which the price plotted bullish path and its apparent resemblance to the recent low at 340. This has given many Bullish traders to start talking about new bullish trend and price projection north of $2000 by August 2014 and yet other $5,000 by Dec 2014 etc
Could, the price continue to meet the bullish expectation or is it going to confound the bulls? What does the correct application of Technical Analysis and Elliot Wave Principle suggest for the Bitcoin's intermediate term price action?
Whilst, my anticipated resistance at 570 zone in my last chart was short lived and now we have 680 at the doorstep. This has acted as a resistance now for few days. It is possible that it might hold, or more likely we have potential small triangle in formation which could be very short term bullish and could achieve 700-720 or on a particularly strong breakout could even reach the proximity of 800.
So in the very short term potential bullish. However on an intermediate term it is in bearish cycle and the current bounce could be viewed as a bear market rally. So my dreaded "RED ARROW" to 300 zone still remains.
Many have taken issues with me for being persistently bearish and not appreciating all the positive fundamentals filtering out recently. Many ask me at what time will I change my mind? Why should I expect 300 retest for the final low?
It would seem that my attempts in explaining these in the Chat has been unsuccessful and perhaps confusing in usage of various terminologies of Bull and Bear cycle or moves.
Well, whilst I do not expect you to accept my analysis without questioning, at least fully understanding my reasoning and apparently taking a solitary stand on the matter could assist you to considering possibilities and then dismissing it if it is flawed and you have a better handle.
Here is the Youtube Link youtube.com/watch?v=OzZ0t9BVLPA
Could, the price continue to meet the bullish expectation or is it going to confound the bulls? What does the correct application of Technical Analysis and Elliot Wave Principle suggest for the Bitcoin's intermediate term price action?
Whilst, my anticipated resistance at 570 zone in my last chart was short lived and now we have 680 at the doorstep. This has acted as a resistance now for few days. It is possible that it might hold, or more likely we have potential small triangle in formation which could be very short term bullish and could achieve 700-720 or on a particularly strong breakout could even reach the proximity of 800.
So in the very short term potential bullish. However on an intermediate term it is in bearish cycle and the current bounce could be viewed as a bear market rally. So my dreaded "RED ARROW" to 300 zone still remains.
Many have taken issues with me for being persistently bearish and not appreciating all the positive fundamentals filtering out recently. Many ask me at what time will I change my mind? Why should I expect 300 retest for the final low?
It would seem that my attempts in explaining these in the Chat has been unsuccessful and perhaps confusing in usage of various terminologies of Bull and Bear cycle or moves.
Well, whilst I do not expect you to accept my analysis without questioning, at least fully understanding my reasoning and apparently taking a solitary stand on the matter could assist you to considering possibilities and then dismissing it if it is flawed and you have a better handle.
Here is the Youtube Link youtube.com/watch?v=OzZ0t9BVLPA
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