As I've been noting in the comments in the previous update (https://www.tradingview.com/chart/BTCUSD/nNwiyWlP-BITCOIN-Still-building-the-case/), we've been carving out a 5 wave move toward the area of resistance at beginning at 630. That move is complete, and we stopped about $1 short of the lower end of the target range (at 628.98).
My expectation from here is that we drop to support before making a new high and resuming the long term trend - and the most important question is "how deep is support?".
In the immediately case that I've been discussing, the market will find support in the 590-600 region for a wave 2, before rallying to new highs, although a drop to the 570-580 area ("Last chance support") is allowable within the parameters of the .
If neither is able to hold, the highest likelihood is that the the purple 5 wave move up was wave C of 4, which would point to a wave 5 below the low of Aug 2, in the area of 420 - the case mentioned previously.
I should note that if the market finds support and rallies to new highs before reaching the upper , it would be a very sign indeed.
At this point in time, my cautious expectation is that upper support holds...we shall see in the coming days...