There is little in the way of fresh catalyst driving bitcoin as much of the issues surrounding the grand daddy of crypto currencies has been discussed and rehashed. The next big swing up would likely need a Fed inspiration, i.e. surpise rate cut this June. The more likely scenario of prolonged policy rates at current levels should mean we have more of a technical market and big picture range plays.
Resistance
- 65973 – 50D Moving Average
- 64358 – Inverted SHS Neckline
- 63453 – Intraday Consolidation Resistance
Support
- 62344 – Intraday Consolidation Floor
- 60146 – Daily Consolidation Low
- 58530 – Previous Intraday Consolidation Highs
BTCUSD appears to be at a critical juncture following yesterday early rally. We now find bitcoin at the brink of triggering an inverted Head and Shoulder pattern as marked in our charts. Among indicators we have daily stochastic with a new bullish cross and overbought in the 4H charts. Given the proximity of the neckline we would look at buying at the break of the said level and look for a push towards the 73000s overtime. A break of the current consolidation floor at 62344 should pave the way for a test of the second inverted shoulder at 60146.
