Bitcoin is poised for a run up.....(or not)

Do I see a reverse head and shoulders developing? I think so. I seriously doubt that BTC will move lower going forward, but there is also a pretty good chance that we could end up with a W bottom first - and THEN the turn back up. That woud take us down to 6 or 7 thousand.

In the crypto realm anything is possible. It will be interesting to see if the bottoming tail that just painted on the day chart holds and we have a true reverse head and shoulders forming. This is very bullish indeed.

The third possibility is we grind sideways in a channel until later this summer when the new whales start jumping into the pool....the institutions. Once the institutions start opening the flood gates, the wall of money they throw into the sluice it will wash away every advantage the hedge fund had from November last year until now.

The next few days should tell the tale. I think we will trade sideways for a while, in a rather wide channel, then it will be back on track up to the moon later in the year.