Crypto

BTC futures have been fluctuating between a few dollars up and a few dollars down in trading today and as of 5:00 PM EST is fractionally up on the day (0.32%) at $7,805. Although today’s candle is a doji candle which can either signal a reversal or a point of consolidation I see it more of a consolatory time and in this article I will explain why I believe this.

BTC futures are continuing they’re breakout to the upside gaping up to open above the 50-day moving average  which was effective resistance that BTC was unable to close above both last Thursday and Friday.

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.