CommoditiesTrader

BTCUSD In Consolidation Mode

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has not been able to gain much momentum in either direction after rebounding from the recent low near $150 per bitcoin . As indicated by the yellow rectangle , price action on the 4H chart is in tight consolidation.

Price is also resting on an ascending trend line on weak momentum. A close below will likely cause further selling, although lower support levels could be a promising trade.

Conversely, if bitcoin can close above both price action and trend resistance, a move higher to $234 is probable. However, this level of resistance has been rather strong.

Near-term direction will likely be determined on a volume spike.