BRTI – CME Bitcoin Index (Last:67,574)

The week ended with a subtle breakout above the 67,253 ‘external’ peak from April 22, hinting that bitcoin’s two-month-old correction is over. For analytical purposes, there are no compelling ABCD patterns on the daily chart, which remains unambiguously bullish. My hunch, however, is that Bertie is headed up to a voodoo number at 69,995, so let’s make that our minimum upside objective for the time being. It will be shortable, but your trading bias should be bullish until it is reached.  If the breakout turns into a fake-out, the worst I could see for the week would be a drop to 62,177, a reverse-pattern ‘d’ that can be bottom-fished aggressively. _______ UPDATE (May 25):  Last week’s correction down to 66,371 was precisely predictable, but if that low is breached following this obligatory bounce, count on more downside to 61,187 (daily chart, reverse a= 67,253 on April 22). You can play for a bounce from there, too, but if Bertie instead breaks out above highs between 70k going back to early March that have littered the chart, I’ll update with appropriate guidance. ______ UPDATE (June 1): Bertie continues to play patticake with the 66,555 midpoint support that broke its fall two weeks ago to as low as D=61,187. This is the same chart as reproduced above, and nothing has changed. If it were to break down, that would have zero consequence for the bullish picture, since it has been in an extremely tedious consolidation for three months.