AI
Monday, May 21, 2018 10:11:52 AM
Bitcoin is in a major consolidation phase marked by the converging channel in the chart below. While there are plenty of bulls calling for 25,000 on Bitcoin by the end of the year, the honest answer is true chart technicians do not know if Bitcoin will breakout or breakdown just yet. Ultimately, crypto-currency investors need to wait for either a break above the consolidation trend line highs or lows. If it breaks out, it is likely headed to a double top at $20,000 within months. If it breaks down however, $4,000 is the target. As of now, a breakout would occur if price trades above $9,500, while a break down would occur if price trades below $7,000. Crypto traders should be simply watching this consolidation pattern and waiting patiently for the next big move.
Gareth Soloway
InTheMoneyStocks
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