The chart above was this week, the price of bitcoin blew up past $420, last week’s price, going up on an impressive run to $450 on Bitstamp. It was reminiscent of the run up to $502 in late 2015. $450 resistance level pushed back on price, and a sell off ensued down to $408. Price is now at $426 as of writing this.
Since January 8 on the chart above, when price failed at breaking $466 resistance level, a a series of cascade sell offs brought price down to $352 low. This support level held over the next weeks that followed, before launching off again on February 9. It has been almost a complete retrace to $450.
From $369 to peak at $450, price has retraced 50% as per fibonacci retracement levels. Bitcoin loves the 50% retrace, if this consolidation holds this level, another leg up to $466 may be due. But, there are bigger forces