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.

Today Bitcoin futures broke above what was resistance at $7,440, the 50% Fibonacci retracement level. As of 6 PM EST BTC futures on the CME are trading up 6.6% at $7,630. The high of today took pricing back to levels not seen in well over a month and signals higher pricing to come.

On both daily and weekly candle charts we can see how BTC has broken above its steep bearish trend line starting from last week when it first crossed this trend. However BTC is still greatly range bound. In CME futures the range is between $6,500 and $7,500. All things being equal I expect this range to contain current pricing for the next week to two weeks.

On an hourly candlestick chart of continuous Bitcoin futures on the CME’s exchange some very unique and telling pattern pops out and is set to repeat for the fourth time in a 48 hour time span. This pattern is called a “bearish three gap” and usually signals an exhaustion of the current trend.

Despite A buildup of energy culminating all year formed by a bearish trend line that served as resistance that started all the way at the yearly high at $10,670 on February 13th on the upside. On the other end we had upward pressure from the support line drawn starting from the low of this year at $4,210 hit on March 12th.