Bitcoin rebounds as consolidation near the high continues

  


The corrective move of the recent run higher stalled between 38.2% to 50%.

The price of bitcoin (on the Coinbase exchange using weekend data) has been on a huge run to the upside. Since bottoming most recently in September, the price has move up some 83.7% (see daily chart below).  That is a pretty good run, but Bitcoin has a history of big moves up and also down.  

Bitcoin on the daily chart has risen by 83% since September

Drilling to the hourly chart, the consolidation since the high has seen the price correct into the 38.2% to 50% of the move up from the November 14 swing low.  That represents a normal correction of a trend like move, and certainly does not give control to the sellers.  

It would now take a move below that level, AND the rising 100 hour MA currently at $17160.83 to turn the shorter /intermediate term bias to the downside. Absent that, and the correction is just a plain vanilla variety.  

 

Bitcoin on the hourly chart

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