Mike answered your coraline bleaching question.
It sounds like a normal cycle. The ammonia should drop to 0, the nitrites should start falling and the nitrates should increase. When the nitrites are down to zero and stay there for a few days it is time for a 30% water change. Let that stabilize for a few days to a week (o ammonia, 0 nitrtite, negligible nitrate), and you are ready to start adding some life.
Do you have a QT tank set up? You should consider setting one up and cycling that (a biowheel type filter is perfect) to house your first livestock for 30 days before putting it into the main tank.