Hi traders, let's talk Bitcoin.

Technicals.

If, like me, you're a multi-months swing trader at heart, this chart should look pretty obvious to you.

Bitcoin is in a textbook phase of accumulation.

Flat, boring, sideways, narrow trading range, it's all here.

As we explained over a week ago when we called a bottom, the market these days shows striking similarities to 2015.

Bitcoin in 2015:

Bitcoin in 2018:

This could be the time of maximum financial opportunity.

Analysis.

Today's price action is a reflection of the market finding a fair price for Bitcoin around the $6000 mark.

This fair pricing includes two components:

Bitcoin's fundamental value as a completely decentralized, digital, hard money.

Bitcoin's potential upside as an worldwide investment vehicle through an ETF.

These two components allow the market to build a narrative which justifies investment in the crypto-currency.

In the case of Bitcoin, it's the digital gold narrative.

Narratives are powerful things in a market. Take Tesla for example.

As a car company, Tesla has never made a profit. Yet, despite its terrible performance (strictly in terms of cash flow), Tesla's stock has accrued tremendous growth in the past 5 years.

This performance has befuddled analysts and bears. Some of them have been shorting the stock since $90.