Note the next important levels of 259ish, then 360ish, then 460ish. Once above the 460 level (and yes we will get there), more horizontal consolidation will be the course of action if history repeats itself. This will go on until the 9,3,3 trades above 80. This seems to be when miners pull back inventory just as existing shorts begin to get comfortable with momentum levels seemingly topping out. This is where the few successful miners make there money given their cost basis. It rolls up until this inventory begins to lock in profits. These moments reflect the underpinning of potential. Shorts wisely know that fundamentally only a small percentage of additional adapters can take the beast into levels that would devastate their P/L from the short side. This is because is and remains at this point in time a very viable asset.
BTW. What about May 2014? That fact that we are in a larger 2 wave dominated the control issue. More torture needed to be done and shorts need a chance to make it work. They got it that time. In light of this being are larger 2 of long wind, levels above 360 will validate a possible larger 3 up. The next time above 80, control will belong to inventory.