Bitcoin Is Suddenly Surging Again

And there are various theories behind the rise.

BLOOMBERG BUSINESS

Very good read!

http://www.bloomberg.com...s-suddenly-surging-again

Escape log trend - log here is only relevant.

I don't like the current parabolic. The recovery and rally to new highs has been rushed. Standing aside until things cool down.

I ve been following this rally and it looks like its gonna peak 1000 or perhaps 1500, the reason being is bitcoin XT, january 2016 is coming up and we still havent reached consensus on whether we will use 8MB blocks or stick to the present 1MB blocks. The news that @Hisah shared regarding bitcoin is TAX free only encocurges capital flows into bitcoin, with the block size still at 1 MB this late, I think people will need to pay high transaction fees for their order to be processed. I see the price plummeting in Jan 2016 unless we get on to bitcoinXT, lets see what happens :)

bitcoinXT status

heading towards sub 400

The chart shows the outlook I have for bitcoin. I still maintain that a move below $150 is necessary to complete the correction which started at the >$1000 high. The recent move that bitcoin made to $500 must have fooled alot of people. As shown in this chart it was a (B) wave. Elliott Wave Principle describes B waves as phonies. Text: "B waves are phonies. They are sucker plays, bull traps, speculators' paradise, orgies of odd-lotter mentality or expressions of dumb institutional complacency (or both).....If the analyst can easily say to himself, "There is something wrong with this market", chances are it's a B wave. " . This is precisely what happened. People got trapped into thinking we have a new bull market in bitcoin, price rose to above $500 only to fall back below $400 in a matter of hours. This is a perfect lession in Elliott waves. We know that 5-wave moves determine the direction of the market. Therefore for us to proclaim that the bull market in bitcoin has resumed, we MUST get a five wave move upwards since a low. Looking at the chart in the low area marked (A) at about $150 and the move up to $500 it is clearly corrective (and thus the reason I have marked it W X Y). Bitcoin is going to provide a nice opportunity to go long soon. In fact if you look at the blue horizontal line displaying $85.14 and then you look to the left of the chart, you will notice two converging trendlines. That is a triangle and is the area of the previous 4th wave when bitcoin was rising to above $1000. I expect bitcoin to bottom at about $85 dollars and that will be your opportunity to buy aggressively.

Bitcoin: A drop to $349.69 then a strong rise to about $450 likely in the short term.