EDIT 4/27 – $269 TARGET HIT seems like BTCE went a bit overboard (as usual) compared to the others, but coins were traded, orders went thru just fine, so target counts ;-)
EDIT 4/22 – see first comment chart below with revised descent channel and alternate 5-wave path to $288 max high target
We find ourselves on 4H RSI and MACD right back in the same position as the start of the rally on Feb. 26th. But the correction of that rally that finally found a floor on April 14th stretched all the way to the 1.236 extension of the rally, erasing its gains and then some. So I don't expect a new local high on this push, but most likely retracing the selloff to max out at the 0.705 OTE fib zone.
We've got a nice solid first wave leg in place, but haven't quite busted out of the selloff channel. Once we do, however, the Hopium should kick in, creating the Wave 3 boost taking us to $260.
However, as my linked long-term chart shows, I don't see this very near-term rally changing the course of the dominant bear market. Just another opportunity to load up on shorts around $260 before we head back to the $100s.
EDIT 4/22 – see first comment chart below with revised descent channel and alternate 5-wave path to $288 max high target
We find ourselves on 4H RSI and MACD right back in the same position as the start of the rally on Feb. 26th. But the correction of that rally that finally found a floor on April 14th stretched all the way to the 1.236 extension of the rally, erasing its gains and then some. So I don't expect a new local high on this push, but most likely retracing the selloff to max out at the 0.705 OTE fib zone.
We've got a nice solid first wave leg in place, but haven't quite busted out of the selloff channel. Once we do, however, the Hopium should kick in, creating the Wave 3 boost taking us to $260.
However, as my linked long-term chart shows, I don't see this very near-term rally changing the course of the dominant bear market. Just another opportunity to load up on shorts around $260 before we head back to the $100s.