From programmatically watching the order book ive been seeing activity of 500-2000 btc asks starting to fill in the 240 range ever since price touched 316 across several exchange. This leads me to believe this is someones with capitals near to mid term target. Other possible supporting factor is there has been no classically large sell volume on any relevant exchange occuring, even with a 1d stoch cross down. The past attempts this year to stay above the 290s were much too low without any consolidation causing it to run out of steam before it really began. Based on the eve portion of the bottom we've been accumulating for the past 4 months, a large percentage move up for distribution is usually followed.
The adam and eve bottom classically indicates completion of a price range for the near to mid term
ATH for 2016 was 322 a break above this would excellent for price discovery at a minimum because there are no relevant trends or price history in that area currently.
Invalidation would be:
a firm decline from the 1D 200 EMA
Being stuck between between supply and demand
Being unable to break the Angry Bear wall.
If i was to trade solely off this chart, i would look for a firm bounce of the bid walls and a 1d or 12hr stoch confirmation.
As always this describes a potential future price idea , not a proven trading strategy
Please use your own judgement before placing any trades. If Dan V is allowed to be wrong, so am i.