The break of this triangle points increases the possibility of a retest of the 5956 reversal zone boundary. Or just above that at the 6005 historical support. The conflict comes in when you zoom out and observe the price location.
The 6005 to 6565 levels are both significant supports where buyers have appeared previously. 8171 to 4983 is the largest magnitude .618 that is relative to the entire structure originating from the 150 lows. And the failed low configuration relative to the April lows.
These broad considerations point to a greater probability of a large recovery move. As I wrote in my S.C. article on ETH earlier, these markets are in position to rally, all they need is a spark.
The "spark" or catalyst is something a chart will not help you see. Usually they come out of no where and take the market by surprise. Kind of like the way Draghi hammered the Euro 300 pips the other day.
What you must decide is what time frame you are betting on. The short term is still showing signs of momentum with the and 7790 resistance (.382 of recent structure) still intact.
At S.C., we are not day trading. Swing and position trades contain the scope of our evaluation, expectations and trade decisions. This means we are still betting on the bigger picture. We are betting that the attractiveness of the broader location outweighs the small time frame momentum.
If price pushes lower, we take more pain and get stopped out and will simply look for an opportunity to get back in. Otherwise we are positioned to benefit nicely if the a spark takes this market by surprise.
In summary, we don't bet on opinions, we bet on probabilities. Any updates will appear on S.C., follow along for a better idea of the decision making process we use, especially in situations like this.
BTC will still be in the very long term bullish trend channel even if it goes to 3k though.
When the real institutional money comes in, we will all know and see it with huge buys. And we are talking about the overall market cap.
BTC is going to be the index coin as always. The money will go into other alts and new gen cryptos, like EOS, ETH, IOTA, and my current personal favourite Radix (coming out later this year).