A beginners perspective

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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In My previous idea I had my purple support dashed-line wrongly positioned, so this idea is partly a correction on that. nevertheless, the consolidation took long enough for me to realize my mistake.

Many are calling the current formation a bull flag , but I am not convinced we will rally from here. I actually expect before end of today to see a pull back to a range between $7500 (fib .5) - $7300 (fib .382) before we could look out for a possible rise to fib 1.272 at around $8600.

Also, I would like to see that we don't break down the red dashed line which would add confidence to go bull again on the predicted retracement levels.
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