Bitcoin looking attractive amid recent declines

However, while many are busy writing off the price of bitcoin, we are also seeing a clear floor persist, with the price repeatedly respecting a zone of support. This could point towards an elevation in volatility, where a sufficient break in either direction could set us up for another strong period of directional volatility following the recent consolidation.

The weekly chart below highlights that the price of bitcoin has held up around a zone which encompasses the 76.4% retracement ($6031), alongside the zone between the November 2017 and February 2018 lows ($5621-$5931). This zone has held for ten months now, and there is a strong chance that this is a floor for the price, as we see a base building phase. On the top end of this downturn, we have also seen nice consistent swings, with lower highs being posted at a relatively stable rate of decline. This consistency is encompassed by the fact that we keep returning back into the region of the descending trendline drawn below. It…