Bitcoin Rally Update

I’m sure Bitcoin speculators are in 7th heaven as they grew richer by the day during this April rally. The rally  looks impressive, but I can also see a possible inverted zigzag that has developed.  Any inverted zigzag rally can be part of a bearish rally which I think could be just topping out. The horizontal line reaches all the way back where Bitcoin had turning points in four places.

We also have a H&S pattern in there and if we are in a bigger bullish phase, then this horizontal line will get lifted.  A huge majority of  the Cryptos have been lighting up green for the past several weeks, but if I’m right then the board will be turning to red soon. (Down)

I changed the degree level up by one degree level, so I have more degree levels to work with. We could see a 60-70% correction and Bitcoins could soar back, but then we are looking at a potential triangle.

If you have no way of an established and tested path to convert Bitcoins into US cash and then haul it back into your home account, then I wouldn’t  touch Bitcoins with a 10 foot pole.  I have created a few necklaces with my physical tokens and have been selling them off my neck for $20 Cad. Friends have no problem in buying Bitcoin tokens for $10 CAD each. The expression people have when I show them a token, is priceless.

 

 

Hits: 12

Share this...
Email this to someone
email
Print this page
Print