Since the recent strong breakout and subsequent pullback, bitcoin has slowly been moving sideways. Let’s review the general market setup on the daily chart.

What we see is that the current volume is less than we have seen when prior price trends reversed. This should signal that BTC is in a long term consolidation phase, and in an overall bull market.

We can also see that the price recently failed to close above the 50% fibonacci level ( a key area of support and resistance).

http://bravenewcoin.com/news/bitcoin-price-analysis-the-halving-consolidation/