BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Here's a chart showing BTC's future price consolidation ranges and price jumps between them, following the volume profile . We can also see that Bitcoin's price starts forming last 5th Elliott wave , which I anticipate topping out around $13000-$13500, just as shown in my update for the previous chart. If the $13500 resistance is strong, we could see a small correction down to $10500. If you see the momentum, trading the price jump between $11.5k-$13k would give some nice short term profits. The trend lines showing prevailing emotions and media status are mainly drawn for fun, although these could be somewhat useful in a bullish market :)
And here's the worst case scenario in the abundance of some negative news:



Correction stretching lower near the $7000 support level - I think this is the less likely scenario. Watch the price - if it moves under $8500, then $7000 will be tested.
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Quick update on this chart - it seems the 1-5 Elliott waves were cancelled and ABC correction happened a bit earlier, mainly due to the latest news... Here's where I see the price going in the next few weeks.



200-day MA support was tested and I expect the price to move slowly higher until the $13-13.5k resistance levels.
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