The resistance at 780 holds

3 Ara 2016

Only some exchanges experienced a break out of June high at 780$. Last night shows a picture for reversal in the small time frames. I suggest a temporary top is already formed and BTC will head down or sideways. Here is my preferred scenario: Wave 3 green is over and wave 4 green has already started. If this scenario proves right the blue support at 713 will stay intact and the price will range for two or three weeks. We can expect wave 5 green around new year. The alternative scenario is painted in red arrows and suggests a deeper correction to 650 or even lower and it can take months to unfold. Both scenarios favor the bullish development for the middle to long term and I expect 2017 to be very bullish for bitcoin.