Bitcoin Forecast And Analysis For 10th May: 6000 Broken, Dip Incoming

For the first time in over 7 months, bitcoin has broken through 6000. This significant break further confirms that we are in an uptrend, though I do believe we could see the price now fall a bit before the next big rise begins.

At the time of this writing, the bitcoin course was equal to $6015 and the market capitalization was $107 billion

The break took place Wednesday evening when the weak looking rise I talked about in yesterday's post suddenly gained strength and shot up, breaking through the current highs and then 6000. Since the price broke 6000, it's fallen slightly. Whether this is the beginning of a large decline or just a bout of profit taking by the whales, I don't know. I think it's more likely to be profit taking based on the candles, but we'll have to wait and see.

As far as what you should do next, I think if this decline continues we could see it reverse somewhere inside the little blue area I've marked. If it rises, we'll probably see new highs before some sort of decline.