Bitcoin volatility continues

Late yesterday afternoon it was observed that the failure of Bitcoin to climb above 18, 300 earlier in the session was likely to see it drop back for another test of the low seen during the Asian session yesterday. Well, that is exactly what played out as the price fell pretty soon after that update. Bitcoin dropped back to as low as 17,286 in what was a pretty rapid downside move. However, it did not fall below 17,250 and subsequently rebounded again, to back above 18,000 again ahead of the US close. The price action in Asia overnight has been sideways with some rapid shifts at time. That is because, as the headline suggests, volatility is still elevated. The range so far today has been set at 17,592 to 18,072. The continued to failure to break back above, and hold above 18.300 on a sustained basis does highlight the downside a little more in the short term. However, and as noted here many time recently, the upward trend is still intact. The only question now; is how the current corrective price action will unfold. The recent price action has helped to correct slightly the Relative Strength Index (RSI) but it is still overbought on a 14 Day basis, above 80 currently this morning. Hence, the immediate lines of demarcation look set at 17,250 to 18,250. Bitcoin is just now trading at 17,755