Now that we are here though price is beginning to shape itself into a story of what is to come. Should we break below this support price is not yet a high probability play unless we get into the "Danger Zone" I've drawn. This zone represents the passage of time and passing of lows in such a way as to tip the market over into a new Daily . Such a trend, if gets into this new price zone around mid-August, would probably break the Daily low of 555 set back on the 6/23 dip.
is still in a long term Weekly which means the resistance to beat is 672 if the trend of the year is to continue to the upside. Until either one of these criteria happen I would not be looking at long positions.
Once Bitfinex opens we'll see what is going to happen. Bitcoin is not "dead" and won't be hitting single digits. However, 475 and 372 are the next supports on the Weekly. I'll update my forecast when trading re-opens. Bear in mind I'll likely be waiting 2-3 weeks to place any trade while the charts setup following this event.