Bitcoin rebounds as consolidation near the high continues
The corrective move of the recent run higher stalled between 38.2% to 50%.
The price of bitcoin (on the Coinbase exchange using weekend data) has been on a huge run to the upside. Since bottoming most recently in September, the price has move up some 83.7% (see daily chart below). That is a pretty good run, but Bitcoin has a history of big moves up and also down.
Drilling to the hourly chart, the consolidation since the high has seen the price correct into the 38.2% to 50% of the move up from the November 14 swing low. That represents a normal correction of a trend like move, and certainly does not give control to the sellers.
It would now take a move below that level, AND the rising 100 hour MA currently at $17160.83 to turn the shorter /intermediate term bias to the downside. Absent that, and the correction is just a plain vanilla variety.