Have You Taken Your Positions For The Next Bull Run?

Yesterday we saw a $500 swing from about 5700 to about 6200.

I made a comment in my last analysis chastising whoever sold to me around $5700. I apologize for any of you who sold around that price and were offended by my comments - I was "over the moon" getting the chance to pick some up at <6000.

We seem to have tested the top and bottom of this market. Conventional wisdom tells us that we can't stay in this cycle for long or people will stop mining. One of the major new-stories claims all the big miners have setup a resistance around 6k to keep the price up. If this is true - we can infer that the 5700 range was likely our bottom. It could be tested again of course - but if the miners are propping it up - we would need a ton a lot of volume to get past them.

We are banding sideways at the present moment - volume has slowed after the big recovery from 5700 - but we remain comfortably somewhere around 6150 where we will eventually climb from.

The short term analysis remains the same. In order to move up we have to pass some very real resistance points. 6400 will be the first one we test - hopefully today. 6800 will be retested again by Wednesday - and if successful - expect us to be testing 7200 again by the end of the week. Once we make it pass 7200 - we will likely hit 10k before the market makes any major corrections.

There are definite signs of support and a bullish reversal in the short term. In the longer term we have to break through the resistance zones before we can get back to 10k and see where the market wants to take it. 25k by year end is still a very real possibility. The first 6 months of this year have been about "correcting" - the next six months should show us what Bitcoin is capable of this year -last previous year we're going up - but how far up?

**These Posts Are Powered By Likes And Follows - Please Hit Like Or Follow To Keep These Charts Coming***