Bitcoin: 2 weeks until the Equilibrium Break

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has been in consolidation mode since our ATH and the lowest dip to 6k that followed. I am anticipating a rough next 10 days where we dip to somewhere in the neighborhood of 7k to form a higher low, followed by a sharp bounce back up to the resistance of the pennant . With some follow-through buy volume I think we will see 3-4 long green daily candles that will take us to the lower high resistance of 11.5k, a retest of the 10k for some consolidation before the real break towards 16k (or 100% increase from the BTC price today).

Call it inverse head-and-shoulders, cup-and-handle or the fabled reverse-cowgirl. But by any name, I think we’re in for a hell of a ride for the remainder of May and into June.

- Peace -
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