Bitcoin vs USD - Law of 6's Update!

As you can see, similarly to what occurred around the 1st of April (when we had a bounce off the bottom of the symmetrical triangle before finding resistance around the 50 EMA and then ultimately finding our bottom on the 6th of April); the same thing is happening again!

We know the law of 6's is true, so we expected this small bounce; otherwise we wouldn't be in a position to hit our lowest point on the 6th of June.

So what comes next? Well we have found resistance once again around the 50 EMA and we will now slowly move sideways and slightly down over the next 6 days (we could chop and change slightly up and down - but the point is we will only be moving between a range of about 7550 and 7080 at the most) before we hit our lowest low on the 6th of June. From here we will then proceed our momentous climb upwards over the next month to around 11,666 before retracing into our new uptrend channel (green arrow).

There is another possibility (orange arrow) that still keeps the law valid and that is that we hit resistance at the top of the symmetrical triangle on the 6th of July at around 8650 though I think this scenario is unlikely. If this happens we will hit 7729 on 6th of August before moving higher. I will recalculate the possible support and resistance levels and revised targets if this does play out.

Regardless, we know the law of 6's is true. It's the law for crying out loud!! Look for the bounce from the 6th of June and if we break out of the symmetrical triangle we are going to 11,700 before retracing. If we do not break out of the symmetrical triangle we are going to 8650. We will know for sure which scenario is going to play out by around 19th of June! Happy Trading!