Here is my (late) analysis of the current developments:
From a chart analystic point of view we are completing a neutral triangle with a strong underlying uptrend. The crucial points to indicate a break through or drop are 5.3$ and 5.8$. They have been tested multiple times in the past few days and become increasingly important as we head towards the end of the formation. My prediction is, that a break through, as my interpretation of elliot waves indicates, will happen in the following hours/days with some resistance around 6.5$, 7.0$ and of course, 7.2$.
A drop would be quite steep, because there are no real resistances in place (left alone those at 5.0$ and 4.8$) all the way down to 2$.
However, the moment I am posting this some convincing breaks of the 5.8$ resistance have been occurred already. Unfortunatly that doesnt imply an immediate rise to higher grounds, because a large SELL wall at 6.07$ in place needs to be surmounted first. Whether this one is fake or not will be subject to speculation. Even if it is, the trader controlling it can withdraw- only to place it again at the next trend reversal, maybe around 7.2$ in order to perpetuate a downtrend.
The trading range WAS (
) around 5.45 $ to 5.8 $; but can easily be revived if the herefore mentioned SELL wall will proof resistant against early attacks. In that case a fallback to 5.45 $ is likely.
Last but not least my opinion on the MaNiPuLaT0R!: ...
He exists and has a couple of friends, who play their muscels in order to decide with way the price will take on this cross road. We dont see their whole ressources at once and can be certain to expect sudden changes in their behaviour, as soon as, lets say the 5.3 $ support breaks and the one party trying to keep up the price decides that it would be more beneficial to partake in the coin dumping with their larger-than-dollar BTC-reserves, only to buy back at a cheaper rate.
Place your bets ladies and gentlemen!
