From our previous analysis bitcoin decided to take the blast off approach, and now sits in unknown territory (historically). Candlesticks are beginning to become extremely volatile in recent weeks, this could mean a top is near and a substantial downturn is around the corner. However, bitcoin is currently being used as a hedge against fiat downturn and precious metal stagnation, more publicity could send bitcoin to levels around $30,000 as mass adoption and FOMO begin to creep in. A smaller pullback to (S1) is likely (Bart formation? |¯|). For Bitcoin to appear strong a period of consolidation and sideways movement is beneficial.
For now, we sit and wait.
For now, we sit and wait.
