Bitcoin Forecast And Analysis For 22nd May: Consolidating Around 8000

Yesterday's small decline has turned into a consolidation today. The price is currently trapped between 7800 and 8100 with no signs of it breaking either up or down, at least not for the moment.

At the time of this writing, the bitcoin course was equal to $7922 and the market capitalization was $140 billion.

This consolidation ask more questions of whether we're going to see the next phase of the rise begin or another decline take place that'll form a bigger part of the correction. It's impossible to say which is more likely, but if we see the price suddenly rise or fall sharply, I think there's a good chance it could continue in that direction and then set off the next big rise or cause the large correction.

For now, just continue to watch the price. If we see a break to the downside, the buy area is the point to watch, as that'll likely cause it to reverse for a while. If the price rises and starts to move up the current highs around 8300, expect to see a decline of some sort before the next phase of the rise begins.