It should come as no surprise that over the past week bitcoin has returned to consolidation mode. While we are not expecting large moves in either direction in the near term, we do think a test of 250 $ is reasonable (and buyable).


With bitcoin at a critical juncture in regard to both price and time, we return to our correlation analysis to see if there is anything we can glean from the macro picture.

Following what can only be described as bizarre action on BTC-E late yesterday afternoon, price has since settled back into the downtrend for another run at 220 $.

As the first quarter of 2015 nears a close, we wanted to take a look at a number of charts to see if we can glean some useful information going forward.

As much as many readers will be displeased to hear that there is still substanial near term risk to the downside, take solace in the notion that there appears to be a light at the end of the tunnel, just now barely peeking through the darkness. Patience.