BITCOIN PRICE ANALYSIS – WHERE TO FROM HERE?

The Bitcoin price is about to make the move that will signal whether it is indeed advancing, or just set-up for another drop – as many in the market are suspecting. Week-end analysis takes an overview of the larger trend and assesses the waves ahead.
Charting the Bitcoin Price Waves
A week ago the Bitcoin price hit $275 and in doing so closed a corrective triangle that lasted just over ten months.
The triangle is apparently completed, and we await additional confirmation that trend has turned up.
Corrective structures unfold in either three or five waves, and a triangle is a five wave structure. The term ‘triangle’ refers to the shape of its outer trendlines that, according to the Wave Principle, need to be touched five times. A triangle is labeled A-B-C-D-E.
It is not unusual for the last wave E to extend beyond the lower trendline, and we made provision for a final wave of decline on Tuesday 8 October which was a full moon day. As per our expectation based on the completed triangle, the Bitcoin price continued advancing on the day.
Moon Landing Conspiracy
The long-term Bitcoin price chart shows a statistically significant correlation of price extremes with full moon and new moon days. Note that it is not being inferred that full moons and new moons are buy/sell signals in themselves. Such a direct causal relationship is not supported by the chart evidence.

This post was published at Crypto Coins News on October 12, 2014.