Long term trend line still in play

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Don't let the bears scare you just yet.

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 trend line . We are still in a bullish pennant 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 volume , 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 trend line 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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