Back to Crytpo for now, as we wait for the consolidation/retracement of equity markets to play out before next leg down. Watch for hard break of Dow 34,000 for confirmation (currently 34,200). Crypto Bitcoin is up 40% from Wednesday's lows, Ethereum (ETH) up 55% and Dogecoin (DOGE) is up 100% from its lows. The question arises: Did the intensity and "crash-like" nature of yesterday's selling climax cause the two week Crypto cycle to bottom early? We were expecting the low next week between Wednesday May 26th and Friday May 28th. Previous cycle lows were all within a few days for the expected cycle turn, but none so much as a week early. A testing of yesterday's lows is possible and even if not, the next potential cycle top is not due to June 10th, plenty of time to be short-term bullish. The 50% correction from mid-April is, as shown on the Bitcoin Historical Correction chart below, the price to be paid for being early adopters in any new technology. Every low identified from 2012 has followed by significantly higher highs. Looking out a year, or even six months, it just won't matter if short term the low is in, or there is one more test next week. Bitcoin is still on tract for $100K before 2021 is in the books.
