Bitcoin trades sideways for the time being

Yesterday Bitcoin did not escape the fallout that impacted so many risk based assets. The price fell from above 15,800 in a roughly $1000 drop towards 14,800. However, and as noted here yesterday, that level remained intact and the price has rebounded back above 15k again since. Once again, if one was to overlay a chart of the Bitcoin price action onto the price action of the EUR/USD one would see that it is almost identical in terms of its pattern if not in exact numerical pricing. Hence it has, just like the EUR/USD, traded mostly sideways since the wider US market close yesterday. The range so far today has been covered by 15,200 to 15,500. So, it looks likely that the next move may not be determined by Bitcoin itself. It appears to be treading water for the time being as it waits to see how the risk dynamics look to evolve as the session unfolds. Bitcoin is just now trading at 15,335