₿itcoin takes a breather

Submitted by Joey Wagner on Wednesday, April 8, 2020 - 18:44.

BTC futures as of 4 PM EST are trading in essence unchanged on the day at $7,340 on the CME. Again it is the high that came in that I believe is telling in that we were unable to make a higher high and coming in at $7,475 has this rally looking like it may fizzle out before taking out $7,500 on a closing basis. Although I believe we may see a very short term one or two day decline in pricing from here as long as we can hold $7,000 we are still on course for taking out $8,000 by the start of next week.

What I believe we are likely seeing in Bitcoin right now is consolidation. After all we have just taken out key resistance this week at approximately $7,000 and BTC in its fourth straight week of gains has every right to take a breather.

Even if we see a break below support at $7,000 as long as we hold $6,400 I am still bullish on Bitcoin futures.