Bitcoin preparing for another rallyposted 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.
Here we have the angles from the lows. We formed a base at this angle [red, important ones] and we should continue up.
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.
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.
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.
We see Bitcoin price reaching for at least the 270-75 level before anything.