We can expect the beginning of a new wave 3 on the break of the next fibonacci time zone line. Correlation with AMZN is strong and helps get a clearer picture. It's likely to hit the 540 level before starting a new rally, that if we fail to support 575 first, logically, which I think we will. Might be a good time to short or sell and rebuy back lower if you're more position inclined.
I still think BTC's a bull market in the larger scheme of things, mainly because of the possibility of a stocks collapse in the US market because of the detachment between nominal value and real value (based in gold price).
84% decline since 1998, for the Dow, based on its gold price. USD price of the index increases constantly, but it's reaching critical mass now, and as we all know the conditions for economic meltdown are sadly being met. That's why I'm looking at correlations between btc and gold, or certain tech stock prices.
That alone makes me bullish on gold, silver and btc.
I don't go for super long term trades either, mainly playing altcoin markets but it's good to be able to spot when to swap to usd and back.
ChartArt
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Interesting idea. But the downtrend risk is large if we can't keep $500 (look at the charts in the comments):