The horizontal support line and the downtrend line we highlighted earlier today, continue to contain the price action on the 30 minute Bitcoin chart. (follow @rightviewrob on Twitter for updates)
As a result a declining triangle pattern has formed above the support line. Price range is compressing and periods of diminishing volatility like this, are often followed by volatile moves.
If this particular consolidation resolves with a breakout, then the pattern’s projected measured move would take the price of a Bitcoin back up to the $15,500 area.
On the other hand, if there is a triangle breakdown the downside measured move could potentially penetrate the “flash crash” low.