On the 8th of this month, I published a chart for Bitcoin showing how in my opinion Bitcoin had pushed way too far above the moving averages and also the long-term trend line. I explained what I thought the price of Bitcoin would do in the short term, I expected either a sharp pullback or a sideways consolidation period which would give the moving averages time to catch up and also bring the price back closer to the long-term trend line. Well, this week we experienced a correction of Bitcoins price culminated by a big down day yesterday. As a result, the price of Bitcoin has returned to the long-term trend line (for now). Moving forward your guess is as good as mine as far as where we go from here. I am impressed with the strength of the recovery so far but from what I see there is significant resistance in the $16,500 to $17,000 area, so I will be even more convinced that this recovery is real if we can push through that area. For the time being we are in an uptrend but IMO we are still at risk of rolling over and heading lower again.