$BTCUSD - Bitcoin in Intermediate Term Bullish by DanV on TradingView.com
15 June 2014
The longer term prospect for Bitcoin is still not to hopeful and my "big arrow" remains in place. Based on my analysis alone, I will put up with all possible scorn from folks who just offer opinions which as I say are penny a dozen. However seriously as outlined in my last live session, I was looking for 50% retracement on BitStamp to 550-540 zone was duly met in spectacular manner on Saturday 14th June.
It would seem that my initial expectation was that we will get retest of that level, but on close analysis early Sunday morning London time, I was able to call for higher bottom almost on the dot as those who were present could confirm.
So for now I am willing to assume that we do have intermediate term higher bottom at 540 and are now in our final leg up towards 750 zone as round number but that it could be 720 or even 780. New price data will help narrow that range as we progress.
If we do complete that rising wedge consisting of 3-3-3-3-3 then it is terminal ending entire cycle from 340 low in April.
Incidentally the Time Symmetry you see with possible high round 26th June, that has been on my chart for few weeks now. Nothing to do with the proposed auctioning by the authorities un USA. Might be just coincident or may be TA does have place in the analysis and not just the never ending fundamental cries. Time will tell.
For those who have better grasp of Bitcoincity will never agree to my seemingly twisted view but that is when I think the BULL will be completely confounded. If you want the reason for my view (right or wrong) feel free to check the recording out at Video 9.
But for now assuming the 540 low holds then I am willing to ride this up to referred upside target. The might consider going into hiding, or may be not.
Enjoy the ride.
DanV