Bitcoin Holds 672 Daily Resistance

bitcoin daily 6-27-2016

Bitcoin held 672 Daily Resistance and may now consolidate over the next two weeks between the Resistance and the Weekly Support level. While price action is still bullish for the long term it has failed a fast retest of the high indicating that the bullish trend we’ve seen since March is now over and a major pullback is underway. While Hodlers may still be shooting for the Moon they are going to have to wait at least 1-2 months for price to have a chance of recovering to restest the major high.

Price still needs to clear either of these levels to determine long term sentiment. At the moment the best trades will be short term bearish back down to the Weekly support level. The aggressive traders may try to buy more at the next test of 571 Support but with strict trading discipline to get out should it fail to Hodl.

Interestingly enough the chart timings are very close to “The Halvening” event which could act as a catalyst either way. Refer back to my post on Bitcoin halvenings where I talked about how the first “Quarter” of time between and following halvening events foreshadow the trajectory of Bitcoin during each halving era. We will have to see where price is at the moment of and the Quarter following the Halvening to see that trajectory.

About the Author Maneshkumar Patel