Last night we saw a massive pull back and sell off once again for Bitcoin. It seems like every time we are about to breakout it gets pushed down again and again. This downward move was very sharp and quick. If you take a look at the 15 minute chart you can see how the price plummeted breaking the trendline and actually falling back inside the longterm downtrend. Now from what I see there is more downside to this move as we are seeing a sideways consolidation pattern which is usually followed by another similar move. Also if you look to the right side of this chart, you will see almost a mirror image of this move occurring where the resolution was to the downside of an equal length.
If you take a look at a larger chart, we could be making another possible downward move that would break the previous low. I would be careful and watch this for possible upside because this could very well be trying to push out as many people in the markets before their big move upward so look for every buy set up and get in them setting your trades to break even as you wait for the larger move upwards.
Continue to be patient with Bitcoin as the bigger move is coming so trade wisely and get ready for the Bitcoins one way ticket to the stars.