As I mentioned in the last report $7600 was the key resistance, and the market is still trading in this zone today, lets take a look at the charts.
The market is creating higher lows and higher highs, the key factor traders look for when establishing if the market is in fact in a bullish trend. There is a decent little channel forming on the 4hr candle chart and the price action is finding support above my longer term bullish trend line.
Needless to say, the market is facing critical support zones as well as resistance, with June, so far being quite low on the trading volume, we could expect the next surge of buying/selling pressure to set the stage for the weekend.
Personally I am bullish above $7400 and bear below it. I would expect lower prices for the Bitcoin market, should we fail to consolidate above this zone. It would seem that the buyers are indeed interested in the market, as we bounced back into the $7600 zone quickly after a brief visit to the support zone.
Like usual never a dull day, for the safer entry into the market it could be wise to wait for more bullish momentum and consolidation above $7600 – $8000. I am confident we could see direction soon so don’t go to far. Safe trades.
- This reply was modified 8 months, 2 weeks ago by CheesePuff.