Bitcoin Price Bounces Forward with Support

The market has been going every which way over the past few days, bitcoin price has ranged from $240 to $260 with the blood of bears and bulls shed everywhere! I would not say that the market is stagnant by any stretch of the imagination but if I were to construct a trading metaphor I would call it a garden; both bears and bulls have been mulched into trade fodder as the market barrels where it will. The market range bounds have been the most frustrating part of the current trading condition, though fortunately the short term technicals have returned to a more pronounced and controlled model (this is really, really good for more predictable trading and otherwise). When there is a situation change like this it is an indication that a new higher price equilibrium is on the way and this would indicate there will be another part to the current upside trend after price consolidation. I can finally say that the market has hit a good trading region since the price range has hit between $240 and $250 and is firmly established.

Let us take a look at the 2 hour mark:

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There are some interesting technical things happening all at the same time right now. First and most importantly is the price rally off the local low of $240 that has been overbought as the level approach has moved towards an institutional supply area and the on target earnings short zone; though these mostly corrective measures. That said, sell volume has been surprisingly low given the price increase zone and as advance and decline accumulation has stacked up more and more. Again the market has moved into a bullish environment so this is to be expected, especially since the recent

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