Bitcoin Update (12/06/2017): Correction Coming After Another New High!!!!!!!!!
Bitcoin has recorded another new high today. It has hit high of $2990 and now its is trading at $2964. Well new highs are not new for this script. It keep on hitting high after high pretty rapidly for past few months. Bitcoin is surely is in bull run, and to see this or say this you don't have to be technical analyst.
But as an technical analyst there are few things to notice in this clear bull run for which I want to draw your attention on chart below. Following chart is on daily scale, red lines are support line and are marked in numeric order. As you can notice after every breakout which I marked with a blue arrow, Bitcoin just surge toward next high without really consolidating. This move is can be termed as 'Pump and Jump'. Bitcoin moves are also sometime looks like formation of bubble but every time it negates this and emerge as valid.
Another thing you have noticed in chart that Bitcoin is following a 'RISING CHANNEL' which is highlighted diagonal blue zone. In this zone Bitcoin hit lower trendline of this channel first then next top trendline . According to this wavy pattern, next move of Bitcoin is going to be touching of upper trendine and I marked that touch point in lower direction green arrow which is roughly around $3050.
So, i conclude my analysis here by saying that after this occurrence , I expect correction in Bitcoin prices and it may touch lower trend line of this RISING CHANNEL, which may be sharp correction or in parts testing dotted support, then 10 day EMA (red wavy line) and finally lower trend line mention before .
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