quantmaven

Bitcoin is still consolidating for the next 3 weeks

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COINBASE:BTCUSD   Bitcoin
BTC/USD is following the scenario I anticipated on February 23th (see previous post). I was calling for a consolidation that would last until April. After correcting to 43K, BTC has now rebounded, in what I believe to be a corrective bounce-back. There is a small chance the price revisit the previous top, and make a double top pattern. However, I believe a lower high is the most probable outcome, with 54.6K being the top. I think BTC/USD is going to fall again in the next couple days and form the triangle pattern I predicted (see purple). Make no mistake, I'm still very bullish and I believe BTC/USD is going toward 80K-100K in the next couple months so this is just a period of consolidation, with swings large enough to be traded. For this next small correction, I expect the price to fall to a level of 46K-49K in the next 2 weeks. Time will tell.
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