Bitcoin is meeting resistance at the 20 day moving average. The volume has been declining over the last 5 days as the trading is tightening. This is showing that consolidation is occurring.

The 4 hour chart confirms this analysis as you can clearly see the stair step pattern which started on 5/28. Let us hope this pattern continues.

The MACD is just starting to cross on the one day chart which is bullish. We were hoping for a move higher once the Asian markets opened but this has not happened as the current 24 hour candle is bearish.

If Bitcoin crosses the 20 day we should see a move to $7950. The problem, however, is that the resistance of the 20 day has been very strong at Bitcoin has not been above it since 5/10.

We are HODLing here with our average price at $7500.

4 hour

1 day

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(We are not professional traders this is just our opinion. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.)