Here is a chart for you:



The chart is for my own use so isn't labelled, but unless you like being chopped around in a trending range or just playing a gambling guessing game, you shouldn't have went long yesterday. I am also looking to go long but will do so only when either the resistance line (currently at about $475) is breached or the support line (currently at around $280) is tested and shown to have held. The support and resistance trendlines I was referring to are indicated by the green dotted arrows mapping a potential 5 Wave form. If the resistance line (indicated by green arrows) were to be breached, then I would go long and if the trade were to go well, I would have a close eye on market action around about the uppermost resistance line shown on the chart.

You might notice that there is a rising support trendline coming up from bottom left of the map. This trendline dates back to early 2013 and was tested in Oct 2013 (Silk Road seizure) and again just a few weeks ago in early April 2014. You might also notice that Bitcoin would currently have to breach $425 for this trendline to be breached. If this happens, then that would be a shorting opportunity.....but don't short. If Bitcoin retracing $15 after you bought 0.75 coins today has caused you some grief, then I would suggest that shorting with leverage isn't for you!


Edit: That chart is old. Just looked at the up to date chart and that long term rising support line looks like it is definitely going to be breached at $428. Hold on to your hat!