Currently, is consolidating in the yellow outlined between $650 and $550 but pending a retest of previous support turning resistance at $650. Once $650 we have two potential scenarios that can happen:
(A) Most likely scenario - Seen in YELLOW on chart: After hitting $650 will drop back to $650-660 area to and resume the Megabull cycle to retest $790.
(B) Less likely scenario - Seen in RED on chart: Once $650 gets hit, will continue past that resistance after consolidating further (continuing the Megabull cycle) and retest $790.
In any of the two scenarios the outcome is still a retest of $790 in the end. Once $790 top gets hit (it could be also a bit lower e.g. $750) based on previous megabull cycles; will consolidate in a wide range of $790 to $705 for 36 days (note the yellow triangle) before resuming the Megabull rally towards a new ATH (All Time High) target.
Tip: The deadline for the megabull cycle to resume is very important, we must resume the cycle before end of February 2017 otherwise we breakdown of the big and market ensue/starts again.
From there we will be able to continue our journey way higher as we head to the "moon". If we manage to hit $1100 could get higher due to increased media coverage and more interest / hype that will bring new money in to the market.
My conservative targets are: $1150, $2800 and $10,000 to $15,000 per
The current maximum potential target is: $10,000 - 15,000
I am here to help. Feel free to ask me questions or Private Message me directly.
Follow me on Twitter: https://twitter.com/BTCEliX
Check out our new website: http:www.buybitcoin.ws
Where can I register and buy/sell/trade Bitcoin? http://www.buybitcoin.ws/where-to-buy-bitcoin.html
Okcoin Signup: https://www.okcoin.com/?invid=2024136 (Very low fees and offers 10x 20x leverage - Accepts Worldwide users except US residents)
SimpleFX Signup: https://simplefx.com/?sfx-r=bae43264-800c-4429-8287-05463c043814 (High leverage - Accepts Worldwide users)
Circle Signup: https://www.circle.com/invite/6ILRYJ (US & UK Residents Only) - get $5 FREE if you sign up and fund your account with a debit card
Coinbase Signup: https://www.coinbase.com/join/52991e5e702d08b8bc000153 (Accepts Worldwide Residents - get $10 FREE if you sign up and fund your account with a debit card)
BitMEX Signup: https://www.bitmex.com/register/T7LaSL (Offers 50x leverage - Accepts Worldwide Residents)
If it is your first time trading Bitcoin I highly suggest to open an account with https://www.okcoin.com/?invid=2024136 . Do not keep longterm on any exchange other than your trading stash, we recommend to store longterm in a paper wallet or an insured and legally registered exchange such as Coinbase, Circle.
If you need help trading check our website for tips on which indicators to use! http://www.buybitcoin.ws/learn-to-trade-bitcoin.html
(B) scenario - Seen in RED on chart: Once $650 gets hit, Bitcoin will continue past that resistance after consolidating further (continuing the Megabull cycle) and retest $790.
In any of the two scenarios the outcome is still a retest of $790 in the end. Once $790 top gets hit (it could be also a bit lower e.g. $750) based on previous megabull Bitcoin cycles; BTC will consolidate in a wide range of $790 to $705 for 36 days (note the yellow triangle) before resuming the Megabull rally towards a new ATH (All Time High) target.
November is supposed to be a month where Bitcoin consolidates/accumulates/chops for 36 days roughly in a wide range of $50.
In our case, if Bitcoin does top at $700-690 in the incoming days and fails to break the resistance, we will chop the entire month of November between $700 and $635
Here is a justified reason on why I have changed my views from a top at $790 or $750, it is pretty clear that in most instances we had a lower or on par top with the previous main resistance rather than the ATH:
I will publish another chart in the incoming days once $700-690 confirms as a top
$750 was 4950cny back in June, while as of October it corresponded to $725 hence why we stopped there instead of $750.
That said, based on the analysis of the previous patterns, the short term top was reached at 4950cny or $725. The long awaited 36 days of consolidation started October 29 and will end with a breakout roughly around December 3rd 2016.
My recommendation is to stay in coins at all time, unless you are a full time day traders who wants to make extra coins trading the boring chop/sideways. I will publish an updated zoomed in chart shortly, in the meantime here are some screenshots.
Zoomed out chart:
Zoomed in chart: