This is a consolidation before the continuation happens. This flag has been setup perfectly because it does have a nice bull trend before it. There was a sharp decline before entering into it. It is showing signs of weakening. I think we had a just a few days ago which I will go find now. Found.
I like how the ATR has also been falling with price. Good sign for things ahead. The has been flat lining diverging from the price. I would like to see upward sloping divergence but this is still good.
Seems like people need to pay their bills or are taking their profits they have and are running. Only good explanations to such a sharp price drop.
Little more on my blog if you wold like to check that out: http://www.allbitcointa.cu.cc/2014/06/bullish-flag-signals-continuation.html
The possible resistance at 680 needs to be broken. It concerns me that we could fall.
We haven't quite broke into bubble mode just yet, if we look at past bubbles we see a long-ish period of consolidation before rocketing to new highs, I think we are getting close to that point.
I'd love to get some more coins down low but may just wait it out few more candles to see what is what with the patterns.