This week the mood around Bitcoin was frenetic and bullish, with great news coming out from fundamentals and price technicals. A Bitcoin report bumped up its Bitcoin price valuation to $850 citing improved fundamentals. Public blockchains also got a boost at the Global Blockchain Summit in Shanghai despite the massive proliferation of private distributed ledger consortiums. Bitcoin is back!
Much of September has been sideways consolidation, as the chart shows above. A sudden run up to $630 on September 4th brought back excitement, but sold off sharply back to $590 lows. In hindsights, it is fair to call it a teaser, confirming that there is interest in buying. A $50 dollar rise over a week is potential for a move at least twice that.
Price traded above $590 after selling off on September 21st from $608. The short term range is clear cut – $608 upper limit and $593 lower limit. Breaking $608 upwards will put us back in the $660 – $543 range. A consolidation in this range will correct the