Let's take a look at the actual pattern that occurs when bitcoin blasts off. By blast off I mean from ... $0.1 to $1, $10 to $100, $100 to $1000 an so on. These have all happened in bitcoins short history.

One Chinese exchange resumed withdrawals of BTC and ETH. So that's gonna create choppy bullish price action. BREAKING: We received report that OKCoin (CN site) resumed withdraws!W/d limit based on vip

The bitcoin market isn't a normal one. I seem to think its been accounting for inflation through all these moves. See the following charts for a pattern that keeps presenting itself. This is pure technical

Add these 3 items to your chart and they will help you examine the price of bitcoin. Recommend using BNC:BLX on for long term data of bitcoin price. Trend lines Support and Resistance - SaR Resistance