The market failed to confirm a long-term bull trend, but as you can see we're not far off of the long term upward . We are still in a which, incidentally, ends at the long term uptrend. I'm not saying this is a sure thing, but I will certainly be watching this interesting pattern to determine a long-term trend for bitcoin .
Judging by the , it is very possible that the price has simply been consolidating ever since the highs last year. We may have to way until 2015 to see a real bull market, but if not, then I expect to hit another somewhere in the low $100s. Either way, this could end up being a very healthy correction for bitcoin , which should be a promising note for all traders since it means there is a possibility that we can continue to reap the rewards of this new technology for a long time to come.
For now, I'll be targeting the $250 level to watch for a possible reversal. Good luck!
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