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BITCOIN: BTCUSD As Good As it Gets
If you bought either as Bitcoin exited the little continuation pattern at 2316 or at the 2350 breakout no stops have been hit.
We've had one perfect retest of 2350 which has held and with the Dollar down 0.5% on DXY over the last 24 hours and
Bitcoin up 5% in the same time frame this is still effectively the best $ currency hedge in town right now.
It's pushing up against the upper limits of a newly forming pair of parallels and a little overbought in near term but should
keep rising steadily back to the high at 2760. The upper parallel will likely hold it back on upside and lower parallel
prop it up from here. Only if the lower parallel fails to hold up consolidations will the move falter again temporarily. Minor
resistance at 2454, 2502 and 2594 look to be the likeliest points at which to expect minor pull-backs to occur with
2594-2600 looking the toughest to beat on first attempt.