Two failed attempts at breaking resistance around $244 was an indication the markets were losing strength. The markets dumped back down to the $231 area of support. Prices bounced to current levels of $235 and if this holds it may be an indication of a double bottom and an upward trend to test $244, with a potential breakout to $250.
If however, the price tests $231 again, there is a strong possibility the markets will dump to $225. I had a short order set for when $237 support broke but lost money on slippage because the order executed at $231 after the dump.
Comments
Cryptoelite
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I like your analysis again - I too have a similar target based off the harmonic AB=CD pattern that could be playing out.
BTCcoinsultant
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Nice! Ya I think if this level holds prices will move up but if we test $231 again I think support is due for a breakdown.