It does looks like there are absolutely no bears to further support the dump to $560, despite the strong resistance at $680 and a possible triple top/head & shoulders formation on June 5.
A look at this in another perspective: [See the one marked in blue] As the formation of the pennant gets slimmer and with a decreasing volume, 70% chance it'll most likely head to the upside with a breakout. Once that starts, there'll be no stopping until $722. If it does move to the upside, it will be pretty short-lived too.
This is also further supported by MCAD, RSI, Ichimoku cloud, & SAR on the chart.
Good TA. Triple top and head & shoulders formation was evident. I reduced my long position somewhat. But I am not convinced about the breakout to $720. Bitcoin is too lazy to move these days.. It is gathering power to the real breakout starting in about one month
LastBattle
⋅
Update: It seems like the 500 BTC sell order on Bitstamp is now causing a stop-loss chain effect...
We might probably see $560 instead of an uptrend :)
LastBattle
⋅
So Bitstamp finally killed this 2 week long consolidation with 1700 BTC dumped for the past hour.
I expect further dump to happen along the next 1 day... We should be heading towards $560 relatively soon...
Now approaching for the thin Ichimoku cloud...
LastBattle
⋅
There should be little to no movement until June 16.. Any uptrend or downtrend will most likely be limited by volume and will recover shortly.