For several weeks, bitcoin has remained in a consolidating uptrend. The market hasn’t seen a new high since mid-September, but the lows have steadily gained higher and higher ground. Overall, the volume is highly consolidated and the market is ready for a large move — the question is, where will it move next?
Figure 1: BTC-USD, Daily Candles, Sideways Consolidation
The market has been range-bound for weeks and has maintained a very consistent but very non-eventful uptrend. An interesting thing to note, however, is how slowly and steadily the bitcoin market had begun its march toward its multi-month downtrend: