This week in BTC we in essence closed were we started, at the 78% retracement at $9,249. Combined with last week’s doji candle we have seen the least amount of volatility in the market for quite some time. We have also seen a decrease in volume in BTC over the last three weeks.

Bitcoin futures in the CME are trading fractionally lower on the day, currently down $35 or .37% at $9,340 as of 5:00 PM EST. Of realm interest today was the low that briefly breached support at $9,250 and almost touched upon the 50-day moving average, something that has not occurred since April when pricing rose above this average.

The golden cross formed in BTC futures between the 50 and 200-day moving averages has not only remained but the gap between the two continues to widen. This is a very bullish technical indicator however it can suggest a market is overbought.

Bitcoin futures are trading up on the day by a respectable 3.8% or $360, currently trading at $9,675 on the CME.  Although this a great day for the bulls and re-affirms that support is sitting right at $9,250, the 78% retracement it doesn’t have much room to the upside without taking out the elusive $10,000 level.

Gold pricing surged to higher ground today, as renewed concerns about a second wave of the pandemic triggers concerns leading to safe haven demand.

Over time I full heatedly believe what my technical studies continue to reveal again and again. The numbers of the Fibonacci sequence and in turn so do Elliot Wave Theory principles are not expressed more clearly and abundantly on any other traded stock or commodity as on a chart of Bitcoin futures via the CME.

If one were to take a look at a weekly candlestick chart of BTC futures the continuous contract, you may notice how you could draw a horizontal line to the left and discover that the candle representing the week of June the 12^th (almost exactly one year ago to the day) was still struggling to get passed $8,500. The next trading week opened up $700 higher than Friday’s close.

Bitcoin futures have definitely been caught in a sideways channel but could continue to the downside. On our first chart we draw two lines of the highs of May 8^th and drawing one to the highs and one to lows of June 4^th. What you will notice is this expanding downward channel has contained all the opening and closing prices including todays.

Bitcoin futures are trading up $200 (2.15%) on the day but down about $300 on the week, in today’s report we will go over were we believe BTC futures will go over the next week.