Disliked{quote} Hi lady_luck, Everything is in place for the launch. If price breaks below the uptrendline we might see a prolonged sideways or even change of trend - small possibility - but mustn't be ignored, altho going by the pattern until now, prolonged consolidation is more likely imo.Ignored
If the above is the case then the 4th of one lesser degree can be found around 31 May at 580 (BTCe) and 610 (Bitfinex). I don't have a Bitstamp chart open to confirm.
Depending on whether or not there was any extension of the last wave up since 27 May, the correction could also drop to the area of wave "ii" of the extension - for BTCe this is near 560.
This count means the advance is on hold for now, because after the C wave drop, wave 1 and 2 of the new wave up will consolidate sideways (in a cyan rectangle pattern) for a week or so before the next larger degree blast toward 1000.
However, note that the wave patterns (of the current "b" wave) closely resemble the action after the wave "ii" low (bottom left) - only bigger! If my count is wrong or consolidation has happened quicker than in the past, then we could be going up ferociously at any moment. This duality means one would probably be better off to position via orders if you want to catch the move in either direction. For me the potential danger is that the initial blast up is an "e" wave fake-out WHILST being mindful that it could be a rapid ascent to 700 and beyond.
From the more bearish perspective: If this is a C wave top since the April low then the worst of the downtrend is about to begin - but this scenario has only minimal probability for now - yet if it must manifest then this is one such opportunity.
cryptocurrency everytime