Remember, just one year ago, the price of bitcoin stood at $6,000. After running up quickly to nearly $20,000 in November and December, the price of bitcoin has spent a year consolidating to it's current price of about $6,500. Bitcoin is currently displaying a classic coiling pattern, where the price becomes rangebound in an ever-narrower channel, coiling up like a spring. Historically, it is at the point where prices explode , either to the upside or the downside, as the frustrating sideways movement unleashes the energy built up in the coil and the prices runs quickly in one direction or the other. I'll be watching closely over the next couple of weeks to see which direction the price breaks out.
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