Consolidation around $1200

Wasn’t sure wether to mention that momentum divergence or not in my last post in case I attached too much significance to it. Sometimes in bitcoins the corrections are flat instead of down as I’ve noted before.

Rather than dipping it looks like price wants to consolidate around $1200 for a while similar to it did recently around $800 level. Heres a chart which should show what I mean with horizontal shaded bands around those two levels.

The price is still sitting in the top half of the fork at the moment, if we keep consolidating here we’ll end up moving into the lower half of the fork.

If the price pops up after that, which I expect theres a very good chance it will, it will probably conclusively overtake the price of an ounce of gold, after which there’d be more news about gold versus bitcoins again and more discussion on the merits of bitcoin which could bring another leg up the fork. Anyway, thats just my idle speculation. I primarily like to watch trendlines, and these ones seem to be continuing to work well for now.

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