When I look at the daily chart of bitcoin a line from a Jay-Z song popped in my head that says....
- Going Up...Going Dowwwwnnnn
The rangebound trading bitcoin has produced over the last two months is exactly inline with that lyric.
To the charts! Looking above we can see the 60K to 70K (give or take a K) range price has been in.
A week ago I spoke about this and said I liked it, which technically I still do because price is consolidating and digesting gains on the longer timeframes such as the weekly and monthly charts.
The weekly chart actually looks like a bull flag, so that is good. The monthly, looks a little overextended but not terrible given the consolidation with April being in the red.
I'd have no problem if we stay range bound another month or two, setup to explode higher. Of course, price pumping now would be great too. Gotta establish above 73K before we can start talking new highs though.
Posted Using InLeo Alpha