Bitcoin has rebounded sharply from dropping towards $30,000 on Sunday predominantly due to the Chinese government's plans to ban all Bitcoin mining. However, we would want the cryptocurrency to consolidate above resistance at around $40,000 and the 50 day MA move back above the 100 day MA to take a long view. This is because Bitcoin wasn't able to consolidate back above $40,000 as it bounced back from the initial mid May correction and given it's volatile nature prices could easily drop back towards $30,000.