I have not seen Bitcoin (BTC/USD) in such a quiet mode for a long time. Price has been in a $150 range, or a range of less than 2.5% for almost 2 weeks since the “Tether Dump”. BTC/USD 4H Chart(click to enlarge)Tether Dump: Let’s start with that weird looking candle on Oct. 15 where price shot up to $6800 on Coinbase. In fact, it jumped to about $7600 on exchanges that offered Tether (USDT) i.e. Bitfinex, Binance.As traders dumped tether in these exchanges they rotated into Bitcoin causing an elevated demand for bitcoin in these exchanges. As a result Bitcoin rallied sharply and unevenly, but eventually prices stabilized around $6400. On Coinbase, we can see price has settled in roughly the $6345-$6500 range. Breakout Scenario: When you look back at historic price action, we rarely have such a tight range for more than a couple of weeks. When there were such tight consolidation, they were usually (but not 100% of the time) followed by a rally. So off the bat, there is some bullish bias if we want to refer to historic price action. However, if price breaks below $6340 for example, we can see a dip towards 2018’s common support around $6000. A break above $6500 on the other hand might send Bitcoin to test the $6800 resistance from September, or even the $7400 high from September. A break above $7400 for me officially signals a bullish reversal scenario. Otherwise, if price stays under $7400, we are still in consolidation mode, but may have shifted from a bearish trend to a sideways one. Below are daily charts from 2016, 2015, and 2014 - I didn’t find any extended narrow range in 2017. BTC/USD 2016:\BTC/USD 2015:BTC/USD 2014:From CoinPowR