Bitcoin Forecast And Analysis For 16th February: Consolidation Continues

The spike that occurred yesterday has not resulted in a rise today, with the price instead continuing to consolidation between 3548 and 3620 as it has done almost all week.

At the time of this writing, the bitcoin course was equal to $3566 and the market capitalization was $63.8 billion.

Early this afternoon a large bearish candlestick formed which could indicate the whale traders are selling - and thus, that the price will reverse and start falling -, however, we've seen this happen multiple times this week with no large declines taking place, so we can't count on this also being the beginning of a large decline.

Since there are no new developments, the outlook remains the same. I do think we'll see some kind of break out take place soon.I'm not sure whether it'll be to the upside or downside, but if it does turn out to be to the downside, keep an eye on the buy area created at the source of the large rise, as that's the last point where the whales would have bought.