Anyway, I am conservatively looking for potential contracting triangle which is more clearer in BitFinex., which if correct then a move to 550-560 zone could be expected.
Alternatively, if since April low we have a "Flat Correction (also see a diagram below) , then we have what could unfold is Wave C with 5 internal waves, that could retest 680 high or attain higher higher level.
For details explanation see the recording of live presentation broadcasted yesterday at https://www.youtube.com/watch?v=LkPvAxb9AD4
In terms of potential low we have following things to note:
1. Retraced 88.6% of the April to June swing.
2. Potential divergence which could fail. but for now it is suggesting out come.
3. From July 2014 high at 658 we have what seems like an in the form of . This normally suggest and end of the cycle.
4. falling with the current low completed with one prior labelled 3.
This is a volatile instrument so the price action might nullify the above but as long as it holds then possible outcome described above has good chance of unfolding.
This is an intermediate term and do not fell will be a new cycle that will result in price continuing to retest the all time high and beyond.
I'm wondering where a sudden demand for Bitcoin could come from? It could be the launch of Circle, but I don't see enough excitement in the market so far. We had some new positive momentum with the PayPal news, but we couldn't even stay above $400 with that momentum.
Based off of what I learned I produced a chart that looks like this:
Ignoring that giant candle wick (which doesn't appear on all exchanges) it seems that we are forming a contracting horizontal triangle that will most likely breakout to the upside. However, I'm not convinced that we are ready for a rise just yet. The major reversal zones labeled are my desired entry points. A sustained break below such levels will most likely spell doom for the bulls. So I do believe your chart will be true, we just have to say hello to 330 before we depart for the moon, and then subsequently fail and crash to the 200s.
I'd appreciate you sharing your thoughts on this.
Based on time symmetry if it holds could suggest that a possible down trend to continue till 10th October and low to form around 270-250 area. From which a strong price action could be expected and the nature of the action will show if that will be new bullish cycle or one that would result in just retracement. So for now trade able low could form and anticipate the upswing.
Hope this helps.