Bulls have adamantly attempted to break out of the current range

Bitcoin futures on the CME are currently at $6,475 up 1.5% on the day as of 5 PM EST. However the high of today at $6,600 is very telling and suggests range bound trading is set to continue. As we stated yesterday a break above $6,700 on a closing basis would be bullish and a break below $5,700 would be a bearish sign.

The bulls have adamantly attempted to break out of the current range to no avail. And today’s doji candle re-affirms our beliefs that sideways action will continue until the current range is taken out. On the bright side we have seen an increase in volume over the last four trading days. A beak back above the 21-day exponential moving average would signal that we have returned to rally mode, this average currently sits at $6,962.