EDIT: EW is off up here... I made a fix below that shows the correction. The fix doesn't change the direction I see though... I wish it did.
uh oh.... Too many indicators showing downward action. Elliot wave shows the end of C wave (or wave 3 in 5 wave). MACD shows smaller rallies with bigger drops. Stoch RSI is showing lack of enthusiasm. RSI is showing bear divergence. And my own LAVA momentum indicator shows we have run out of emotional Bull steam. so sad.... so sad.
But I believe we can bounce from this low or just go sideways and everything should be okay.
On daily you can see we affecting the True Strength Indicator a bit. RSI is too hard to read at this level so I used LazyBear's RSI indicator which has smoother lines. MACD clearly shows there will be no HUGE pullback right here... >$600 won't break the bull's back. Gotta give the bull a bit of resting time to recharge and take on that big 'ol mountain ahead of us! =)
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The green line that is intersecting our priceline is 200 MA. The reason the line is cut off is due to Bitfinex arriving late to the party which hides the rest of my multichart past.
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Another view at 1hr with Speed Resistance Fib Lines
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4hr view with another change in EW (I'm not perfect at EW). The MACD is almost identical for both waves so I figured I'd see what it looked like. Scary for those who've already placed a long and haven't closed. =(
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Oops... my EW looks horrid up there... heres a better view.