Using 1day-Bollinger Bands (BB,20,3) and SMI Ergodic Indicator (well, basically both are price based as SMI_Ergodic is based on True Strength Index) for BTCUSD and adding a rough extrapolation (using data from Jan-Jun, 2014) -> I think that BTC might be zigzagging in the roughly-hand-drawn channel (upper: red, lower: green).
This is NOT a trading advise, just a biased idea from a non-pro. Do your own analysis, study risks and use stops [especially now when 1-week-BB low is as low as 1k(!)]. Criticism/comments/ideas welcome.
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I calculated also a potential RSI curve (RSI 140 on daily; angles, ends extrapolated from Jan-Jun, 2014), super-hypotechical...
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Short term: based on 1W BB and MACD and TSI data, I think it is still unlikely that BTC breaks out its channel now, probably only when it reaches below its 1days-MA400.
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Correction will take at least 12 more months. My prediction was wrong. Lesson learned: regression modells are good tools.