not long to wait now, then upto $490 before consolidation to about $430, and then slow growth picking up pace over the next few months towards the next megabubble.
Just how i see it at the moment.
these types of intersections are so open to interpretation though. If you created the same model about a week ago, it would show that we fell below the cross and thus right now should be bearish.
IMO long-term we are going up, but short-term its volatility until something happens to change that - either the coins distribute from big holders to dedicated smaller HODLers, or wall street gets involved and opens up bitcoin use to investors
There will be some big movement in the next few hours. We will see approx $490 next week.
The reason I am confident people will go long is because of the following factors:
1. MACD shows that there is momentum for a second phase of the uptrend
2. Every chart from 1 hour to 1 day shows quite clearly a reverse head an shoulders, indicating the downtrend since the ATH has finished.
3. It has followed the same pattern as the April 13 266 pump. using Fibonacci emphases this pattern repetition.
4. The April pump and consolidation took approx 3.5 months from start to finish (approx 4 x longer than Nov 13 pump and approx 4 times as large in BTC value.
5. The volume has been steadily increasing.
so far history has repeated, so why should this be different? Im not saying it's mega pump time just yet, but I am saying the the slide has halted.
The reason I say 490 is because the Trend line from the last 12 months is currently at that price, that's why i think we will bounce off it, consolidate at $430 and then go sideways and break that upper trend-line in Jan when it sits at about $430. From there steady growth gathering pace, before panic buying sets in again... and noobs start talking about the "S" curve again, and the cycle repeats.
See you at $5750 in June 2015...
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