Following the recent large correction in the price of #bitcoin and #altcoins, we are now consolidating around the $10,500 - $11,500 levels.
My earlier post on 19th January indicated that we have potentially retraced back to the EMA 100 according to the Elliot Wave Theory.
We should now expect, according to this theory, a bounce back up to test the #ATHs. This retest is unlikely to be straight forward as we may continue to trade sideways from here and maybe even test the lows of $10,000 in the coming days and weeks.
One piece of evidence that provides us with a good correlation between the price of bitcoin and demand for the digital asset is the "public sentiment".
The graphic above shows the public's buying interest of bitcoin according to Google trends. You can clearly see that sentiment is once again at the lows and does suggest it will pickup in the coming weeks.
I believe that the bull market for cryptocurrencies is just around the corner!