BTC holds key level of support

Bitcoin futures held on to the critical priced that had been plaguing the asset for weeks so even though it had a super minor loss on trading off by $45 at $7,580 in the CME’s futures exchange. The key level that BTC was able to hold is the 50% retracement that comes in at $7,440, an area that served as resistance for the last month. In fact if you look at a short term 60 minute chart you8 can see how the low today at $7,465 was a mere blip in terms of were price action was today and the low was only briefly tested once and $7,500 served as support for most of the day.

Another technical indicator has turned bullish for BTC as we effectively traded and have a good chance of closing above the 50-day moving average. This average yesterday served as resistance as BTC was unable to close above it. The next key level to watch for is $8,000 this coincides with the 100-day moving average as well as our longer term retracement’s .618% retracement. If BTC proves to be timid and not break through this level I expect a small short term correction to as low as $6,670. On the other hand if it burst right through expect prices to remain above $8,000 for some time.