As quick update, heres latest bitcoin chart, 4 hours candles from Bitstamp market data.
Previous wedge is shown with what is now a red dashed line. New upper boundary shown in red solid line. Price still probably to be supported by the blue line or red dashed line which it is above. Although price did fall below the blue line, driven by the Bitinstant arrests it appears that was too low and quickly sprung back up.
All this means consolidation is continuing at this approximate level. I still like idea of rally afterwards but market is quiet just now, unless big news event drive things rally could take a long time to pick up steam for further parabolic moves.
edit: Bumped the following up from the comments..
Been playing around with the fib retracement tool, blue line on the above chart looks like the 0.5 line, where I’ve added a blue line here too. Will be quite significant if that doesn’t hold, could eventually drop to $670 or further..
If that happens I’ll probably just hold until the eventual recovery. On longer timescale any purchase now will look cheap eventually I’d say.