For the past twenty days cryptocurrency markets have hold on to gains and formed new trading ranges. In terms of total market capitalization this is between $170 and $185 billion with Bitcoin holding above $5,000. More analysts, using previous chart patterns as a guide, are of the opinion that this consolidation could continue for several more months.
By comparing the weekly chart from 2015 one crypto analyst has notice that we may be trading a very similar moving average formation at the moment. Looking specifically at the 50 week moving average there was an initial bounce off of that back in 2015, then a further 105 days of accumulation when Bitcoin pulled back again.