Will the bulls get their dreams?Bitcoin has taken a heavy beating this year, It has fallen from a peak of $1200 a year ago to a (so far) low of $275 on Bitstamp. Since then we have put in multiple higher highs, and higher lows. Can the bears retake the reigns or will the bulls chew through the coins ahead into a recovery.
I have three price targets, The main ones are R2 and S2, Decembers extended monthly pivots. If we are to follow the uptrend channel we have been in since October's bottom we have a strong chance of moving up fast to around $514, the bulls already showed their hand in the huge parabolic move from $320 to $450. Another potential price point to the upside is a retouch of $450. This would tell me we're in an ascending triangle which breaks out around February 2015, and building a 4 month long sexy ass ascending triangle is going to get the bears sprinting to their cold caves for some time.
For the bears, a lot of people are calling for another potential bottom of $240-250, ironically this is S2 pivot for this month and our downtrend line also cuts through this quite remarkably. Elliot wave also calls for these final lows before the correction from $1000+ is over.
Bbands are all very tight, candles are beginning to really compress. If you're not in a position, sit tight and wait for the breakout. If you're in a position... just hodl tight. You'll find out if you've made the right call soon. I'm leaning towards the bullish side, RSI is holding trend, MACD is looking good, Willy wants to poke it's head up. etc etc
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