This week, the price of bitcoin was on a hungover from the $40 surprise sell off from last week, 11 September. Price retraced from the low $594 bottom, and traded sideways within the $595 – $610 range. Bitcoin did not make the headlines this week, as much of the news comprised alternative blockchains.
The dominant trend as seen above has been a sideways ranged flanked by $600 lower and $610 upper. The huge drop from $630 needs to retrace fully to resume the anticipated trend up to $650. Until then, this consolidation will persist sideways within this range. It is worth watching out for any great news about bitcoin from DevCon 2 in Shanghai that may tip a decisive break.
This chart shows a fork from January 2015 base. Price broke below a major quarterly trendline (in blue) before finding support on a second quarterly line(in pink). In the wake of the BitFinex Hack of August 1, it has found support and drifted up the trendline, breaking up to $630. The mid-level trendline