Tessellated

My best guess

Tessellated Updated   
BITFINEX:BTCUSD   Bitcoin
Here is one possible upcoming move. I won't be trading this. BBands are in pink and I made the Ichimoku a little more visible. The increasing use of BBands should have them much more useful in the BTC space (you can follow John Bollinger on Twitter). BBands suggest we've been drawn back in (this upwards move) after a little overselling. There is no prominent squeeze right now, so I'll assume a bit of peace for the time being. The Ichimoku shows no critical points. I'd expect this short uptrend to create a nice bull buzz up until we hit the corner of the cloud, resulting in a major decision (to penetrate or die). My prediction a major bull trap to wipe clean everyone who reinvested after initial devaluation loss. This would follow the classical bubble pattern in assumption that we have not reached a bottom.

I wouldn't trade this, but like to keep the chart for reference.
Comment:
Seeing a lot of trendline conformity leading up to a critical Ichimoku point (next 5 days i'd say?). Just like the last critical point we will see penetration or rejection (bounce off cloud). It should be a strong movement if we see rejection.

Off of the main trendline from the peak price around the holidays, I'd expect a continuation to the middle or bottom of the channel. Riding the top brought in much more optimism than expected.

On penetration:
I'd feel safe on a positive movement from bottom to top of cloud then re-assess from action off of the top.

On rejection:
I'm all for a major bloodbath after short confirmation. Be careful around resistance levels and let it slide down hard.
Comment:
We've rejected off the top of the cloud (scenario 2). Penetration of the bottom suggests hell for the market and a less likely bounce off the bottom of the cloud would be a new hope to retest the top. I am planning for 6k area if we break the bottom of the cloud followed by re-assessment upon consolidation of that area.

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