I already explained in the past that  once an ascending triangle breakout occurs the most common price target is generally set to be equal to the entry price plus the vertical height of the triangle, in this case 12$ plus ~5$ equal 17$.

Looking the 4 hours chart here on the left i expect the breakout to occur in the next 48-72 hours; if not then the outlook provided by my elliot wave software will be right again, this outlook has always been bearish on the longer time frames after the 32$ top in june (more info to come on the next long term update).

At the moment I am not very impressed by recent bullish action since it was expected after a huge sell off, it is a normal bounce. I’m curious to see if the bitcoin conference currently held in NY will attract new investors so to ignite a new strong rally in september, or at least to break in the short term that ascending triangle pattern.