I'm going to stick my neck out here and call a bottom.
I think the drop before this last one.. was a hard fight for bears to drag it back down.. they did and weak hands panicked again... to bring us the largest volume on any drop yet.
This huge volume on this last drop, also corresponded with the smallest drop % wise of all the previous drops (hourly time frame).... Bitstamp also 100% fully retraced.
We are also are some quite major technical supports, including @SnowSilences 365 ema on the daily.. and I'd like to point out the weekly 60 ema.
Given all this factor I would say there is a high probability right now that this will serve as a reversal point... with $550 becoming a target to the upside on a bounce to watch out for.
Can't disagree, 2950 CNY ($475) was my first target when I went short in the 640s in July. More precise analysis as the downtrend developed lead me to more likely targets around $450, but this doesn't change the fact the current price level is a good point to start taking profits.
flibbr
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Yeah I think for shorts take profits.. for bulls.. there is confirmation needed and I think they will be scared.. and shell shocked.. so this will take time.
jago25_98
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great job flibbr. I guess this invalidates the cup & handle
smellymoo
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I agree also. this is the new dawning of the bull run. Just waiting for the first bull to start running!