Crypto

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.

Last week we spoke about the pennant formation that Bitcoin had broken out of we have that particular formation drawn in blue lines on our first chart. What is also evident on that chart is a pennant formation still in play drawn in red.