Over the past 2 weeks, the price of bitcoin has been choppy at best, oscillating within a range defined by sell off from $450 to $352 over 5 days, January 10 – January 15. Since then, this range seems to be narrowing towards an apex, in what looks to be a triangular pattern approaching a break out point (more on this later). There is a good chance this goes on for a couple of more weeks, before a decisive move in March.
The real winners have been intraday traders, who have been longing and shorting these tight trading range on leverage. The short term movement is indecisive, and warrants zooming out on a larger time frame, the 1 week chart for a better glimpse. Here, (1) and (2) sloping trend lines shown below, are indicative of hanging on the balance.
Price is hugging trendline (2) current support. (1) is the next target level if $352 fails to hold, opening up price falls to as low as $330- $300.
With 160 days left