Short term bulish, mid term neutral, long term bearish
The climb is demonstrating the nature of the movement, possibly a B wave of some sort. It is highly unlikely a new impulse in a bull trend, this is a bear market rally. However, the B wave may end at any time or exceed record highs. B waves are very difficult moves also for professionals, but small investors always see them as very easy, entrained by the high...
The corrective process will be very long
Above 840 is the bull trap for an "all in", and below is the current real trend since the bitbubble burst.
Posible false breakout on a C wave with all in.
An alternate count. I like the wave 2 topping process.
Look al RSI in 240 min charts
I can not see any impulsive wave in the last month. I see abc structures.
It is probably that a new wave down is now in progress. Big support in 450 but it is not the target. Rare in a saturday.
It is possible a Iinitially bearish count. Anyway, the bear market rally from 450 BTCUSD mtgox is running out of time. Good nights from spain.
We see lower volumen in the final run and a berish divergence in ths same place
Here is my mid term idea. Minimum target 290, but I think we will have surprises.
BTCUSD the "optimist" scenario
The same divergence in RSI at 240 min chtarts
A big move has a target below this line (in panic mode). We're still in a treacherous wave 4 and the end of this wave is not confirmed yet. We are looking for a divergence. Good moorning!