Consolidation is coming, but the trend have much room ahead

After breaking out 4200, Bitcoin has run amok, reaching $5,400 at the highest level. In scoring such a surge in just two days, the consolidation inevitably takes hold, as some bulls will mostly take profits and leave the market for a while.

Though Bitcoin has pull back from 5400, the bull is able to keep the market float around 5000, and therefore the consolidation seems quite strong.

With that being said, Bitcoin probably oscillate between $4600 and $5400. For those who has missed the recent surge, the whole cryptocurrencies market has bottomed and it will be very desirable to initiate new long position during pullback.