Cycle Analysis on Bitcoin - Will break higher or lower?

 

Cycle Analysis on Bitcoin - Will break higher or lower?

After Bitcoin rallied from a low of 3,850 in mid-March to a high of 42,000 in early January the big question is whether Bitcoin will break out of the ongoing triangle consolidation to the upside or we will see a break-down?

Looking at the long- and short-term cycles they point higher after bottoming in early January, which does favor a continuation of the underlying uptrend to new all-time highs above 42,000 once the triangle consolidation comes to an end. 

We could see the triangle consolidation become more prolonged and continue to trade sideways for longer, but there isn't the need for it to continue inside the triangle consolidation. 

If the upside pressure fails and the break out of the triangle consolidation is seen to the downside , then a decline to 28,374 should be expected before a new rally to new all-time highs. 

Remember the trend and patience are your friends