Let’s Take a Quick Look at Bitcoin

Last discussed here, I pointed out some technicals on the Bitcoin chart. Many of those remain: we remain above the previous down trend line (green), but have rejected the head and shoulders neckline again (orange). That said, the decline looks so far like a perfect little zig zag, appropriate for a wave 2. And so, there is potential for quite the thrust up from here as we have now more thoroughly backtested the green trend line.

Bitcoin’s next moves will tell us a great deal about the state of the market. A failure here would be ominous, while a rally quite bullish. Amassing the evidence at my disposal inclines me to the bullish view here, as many of you already know (and as some of you don’t like right now).


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