BITCOIN: Bounce for now...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We are currently consolidating upwards, after the most convincing bounce yet.

6k was a good place to bounce, being a confluence area of multiple horizontal levels, trendlines extending from 3k and 5k lows, with significant bullish divergence .

We are now in a rising wedge formation, which will soon resolve. A breakdown will indicate a retest of the lows. A breakout past 8800 would likely take us to 9200 and beyond.

The strategy I found written on a napkin is to buy the dip with a long bias, until that strategy doesn't work.

A retest of 6k is by no means bearish . A false break of the prior low clears out longs and gets everyone flat-footed. It is perhaps what we need, since the market lacks the contrarian sentiment to power higher.

Should we break up from here, a higher consolidation would perform the same function. It would be typical to toy with a large round number, like 10k - above and below would get bulls and bears excited respectively. We will cross that bridge when we come to it.

In summary, a retest of lows cannot be ruled out, but I keep a long bias.
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