Time will tell guys, all trend lines get broken at some point. All I am doing is simply counting the waves. The rise from april looks too choppy to be an impulse wave, so I think it is a correction, however as DanV suggests in his idea, it could be that wave C still has one subdivided wave going up. But after that final upwards push price SHOULD go down. Let us wait and see. Thank you all for the interaction and good luck
People keep forgetting about that long term log trendline, which has proven to be very strong support. All TA should take that into account before establishing sentiment either bullish or bearish. As a result of being close to the trendline right now, I have a bullish bias and do not anticipate prices below that line unless I have a really good reason.
Bitfinex is a younger exchange, not sure if its chart history goes back as far. I would not advice doing long term charts on bitfinex, but on bitstamp instead. Bitfinex has a bunch of strange flash crashes due to low liquidity on margin calls. Bitstamp does not do margin trading, hence the cleaner chart.
That is a bold statement :). As you can see from my idea I don't share that view. A drop to 540 the 1.68 fib extension of minor wave 1 is in my opinion very realistic. Progression of price action along the way will determine if that is going to be wave 3 or 5. Wave 3 in EW is usually an extended wave (1.68), hence my idea!. Thank you for the input and good luck