For origin details of this idea please see my post entitled “Bitcoin’s BiG Crown Reversal: Preparations For Possible Extreme” -
We have cleared the short box area, or the 0.618 of the entire swing from $5000 to $3000, and have the formation of a potential reversal pattern. This short area was a significant resistance point. Trading above $4550 is , but this may only be the case on smaller time frames. The entire move up from the bottom of the swing could prove to have been a sell on strength event.
Breaching the to the upside and closing above $4697 will cast doubt on this idea, and a break of the previous all-time high at $4974 would present us with a strong long buy signal. What’s more, signals show a potential declining supply, which could stimulate a markup signature. This declining supply may be the effect of near-term fundamentals in this asset (i.e., the impending hard fork).
I will post key levels to watch to the downside and upside later, but for now, please have a look at the data. I will be updating this thread daily.