Bitcoin BTCUSD Saturday Update/Buy Points After another 15 hour period of dreary consolidation lasting through the European session and right through the US session to the close Bitcoin finally bottomed right on the low point forecast for the day before the rally we spent all day waiting for finally kicked in. Patience was finally rewarded as Bitcoin began to push higher again into the far East session, rallying to an overnight high at 11419 before the customary 06/01est sell off. Later today it should push higher still to test 11790. In the meantime though, it can spend quite some time moving sideways once more, using the 11192 line here on Bitfinex as support as it does so - and can come back to the parallel underneath it at lowest to stay good from here today for the rally to 11790. This process may be mercifully short - but it could also last several hours as it did yesterday. We need to be prepared for both. Look to enter long if not already from 11192 -11050 range (with stops under 11000) or can add/enter long again once 11430 has been broken above for rally to 11790 where we will look to close out and maybe reverse short if touched later on - depending on price action when we reach the upside target. More as this move develops. Whilst Bitcoin remains within the parallels guiding this rally it remains overall positive.
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