Bitcoin preparing for another rally

posted by genuinelyFX at 04/05/2015 - 15:30 GMT

Bitcoin is forming a base. At least for the immediate term.

Below we have the first map for the bitcoin price movement since the low at 160 [BTC-e data]. We have respected this map quite well, mostly as time events. We could be starting a 2-3 weeks uptrend from this base.

©genuinelyFX_2015.04.05_bitcoin_daily_foldback
Bitcoin daily BTC-e data

 

Here we have the angles from the lows. We formed a base at this angle [red, important ones] and we should continue up.

©genuinelyFX_2015.04.05_bitcoin_daily_angles
Bitcoin daily BTC-e data

 

As a first target we see the 270-75 area. Important fib and box lines converge there. Price respected that level on this minor move down. After that we might go for the 300 level, which rejected price twice on this recovery. We also see time triggers on the vertical lines of the box. Soon we trigger another one.

©genuinelyFX_2015.04.05_bitcoin_daily_fib+boxes
Bitcoin daily BTC-e data

 

As always, there is an alternative. This is the second map, the April-August 2014 period. This up move might hit resistance below 300 and reverse price down again.

©genuinelyFX_2015.04.05_bitcoin_daily_2014analogy
Bitcoin daily BTC-e data

But we think the low at 160 to be “the low”, looking for price to reach higher levels soon. Below is our chart from Oct.2014.

©genuinelyFX_2014.10.05_BTCUSD_DAILY_LOG
Bitcoin daily BTC-e data

 

 

We see Bitcoin price reaching for at least the 270-75 level before anything.

 

bitcoin_logo