Bitcoin has been consolidating for the last couple weeks, but a breakout is coming shortly
After a couple weeks of consolidating that big move up, bitcoin is getting ready to make a big move again.
The only question is whether that move will be up or down?
JPMorgan seems to think it will be down as I mentioned yesterday.
@jondoe/do-these-guys-ever-get-tired-of-being-wrong
But also as I mentioned, they are wrong quite a bit, especially with bitcoin.
I think the most likely move is a breakout to the upside:
With a symmetrical triangle like this after a big move up, the odds favor a continuation of the bull market.
Even if we were to break out to the downside, it would likely be a bear trap.
Something like a dip down to $32k or something then a rocket back up over $38k and off to the races.
We probably have a couple more days of chop is all, then we are going to start moving again.
Time to get your popcorn ready, it's about to get exciting again.