Update 2: today we crawled up to 619 and encountered lots of resistance even with buys of 100BTCs trying to buy there way upwards encountered huge resistance = At this point it is a good confirmation we are NOT going up.
Thats what happened where we were at 670-680s spent few days there crawling our away to the resistance and past it then crashed down 54$ to 620.
I find this VERY interesting, why? well say we stay at 606-620 range another day or two trying to break up and we failed, then seeing what happened at 680 we can very well crash badly down to $556 = $610 - $54 so we land right at $556 or 550+- interesting pattern isn't it?
Update 3: We had some good stability so far that's why we could be very well in a CONGESTION period between 604-620.
However I just heard from the REDDIT forums that GHASH is back at 44% and that's exactly the kind of scenario that happened last week combined with the Silk Road auction and some bad news form China. I still think we might retest 550 so I will keep that possibility there.
Note: I am a TA newbie so yes there are few theories and factors I might overlook
Correction: Seems the GHASH ratio went down from 45% to 35% during the course of the day. Still we went down as we failed to breach the resistance at 620 (and we followed my big dotted that I traced since my last Update). I am still expecting a correction to 550 in the incoming days. Weekends are coupled with low volumes and of course it is easy to manipulate the market in that case you remember last weekend. I set my buys at 550 since I am sure about this bottom will need to be tested again appropriately. Could 550 be our new 440 (remember April)?