Just a recap for the newbies: The Panic zone starts at $275. The absolute bottom of course is 0 but the practical bottom is at $135.
This was the 3rd approach to an upside rally through the top of the zone and it is looking like a failure as weakness is just starting to creep into the current rally. A new support has been established at 218ish and this redefines the top of the panic zone from $275 to $218. If prices drop through the $218 support then there is going to be a whole lot of panic. I don't expect that but I do think there will be a pull back to support over the next month or so. The panic zone is now two zones. The "Boring Zone" between $218 and $275 and the new Panic Zone $218 and below.
The current rally from $218 paralleled the Greek crisis. Despite what the news says, this will still be a slow moving train wreck. The ECB/IMF are just being bullies and they will yet again "bail out" Greece. As long as there is socialism this problem won't go away. Crypto is the easiest way to move funds out of the Eurozone and the value of BTC should rise as the need to "buggout" increases. We should see ebbs and flows in the value of BTC in parallel with the ebbs and flows of the Greek Tragedy.
A breakout above $275 will be triggered by a powder keg event like riots in the streets from prolonged bank closures. Stay tuned to the news.
We'll be in the Boring Zone for quite some time to come. Bulllish at $218 and Bearish at $275 until a powder keg event pop over $275. Bullish long term and huge profit can be made from an exit from the Panic Zone if we ever move into it.