Bitcoin Daily and Weekly

General overview for 08/09/2015:

The impulsive bubble – like structure to the upside had been completed last year with wave 5 black truncation to make the top for the big wave 1 at the level of $1075. Since then the market is moving gradually lower in very complex corrective cycle that is lasting quite long. Please notice there is unfilled gap between the levels of 295 – 322 and the market participants might now try to fill it completely. Moreover, just above the gap there is a clear long – term golden trend line and if this trend line is violated with daily or weekly close above it, then the market might try to follow up with the wave (C) blue to the upside targeting first the level of 455 and then maybe even the level of 677. New bull trend starts only if the level of 717 is clearly violated.

Support/Resistance:
171 – Swing Low
295 – 322 – Gap Zone
454 – Target Projection #1
677 – Target Projection #2

Trading recommendations:
Swingtraders should consider to open longer-term buy orders from current price levels with SL below the level of 170 and target at 295 – 322. Possible bullish breakout higher.

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