Quick update on the Bitccoin market, we had a good week with gains across most of the crypto space.
The market responded strongly after we tested the bottom of the newly formed channel, and coincidentally also broke out of our longer term down trend channel.
The bear flag that was painted in early April clearly failed, instead we received a nice jumbo candle and some good price action, a nice reminder about the big hitters in crypto.
This buying volume has left a nice little bull flag in its aftermath, from a purely technical point of view I am bullish on the markets.
We could see the bull flag fail in which case I would put our short term support around the 7400 – 7600 zones. $8000 being our near term psychological support level.
Should we stay above the $8000 support zone I would expect a push to about $9500 before some correction.
Summary: I am bullish above $8000, cautious above $7400, and I will look to the bearish side of life should we consolidate below $7400 at any point this week.
Higher risk trades will be closed should we fall below $8000, safe trades.