Quote from: Finance_BitcoinGroup on February 24, 2015, 06:53:14 AM

Graph Here - http://i.imgur.com/7JSMPwp.png

The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.

It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.

What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level

(Feel free to also check out this analysis of yesterdays price drop, it contains some broader perspective on the past weeks movements - https://www.tradingview.com/v/RMLjnTLj/)

Poor analysis. I'm not saying you're outcome is right or wrong, but seems like you could say the exact same arguments to say the opposite thing.

"The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking below the $235 level but failing to stay below it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong selloff in the past week, the likelihood of the price staying below $243 is weakening.

It is definitely surprising for the price to have been resisted by the $248 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing another bounce, this time off the $236 level and 30 hour moving average, this does not exactly indicate a bullish move in the very short term but it does represent a degree of downside weakness in the movement of the past 24 hours."

My point - we're consolidating. Your post has no insights as to why we'll go up or down from here.