We appear to be in the process of getting a halving dividend for bitcoin as prospects of an easing in the US is fueling speculation of more entrants to the crypto sphere. This said any actual action from the Fed would not be until June 12 and even then we do not really expect a rate cut to immediately happen.
Resistance
- 68393 – Daily Consolidation Floor
- 67238 – High form 4/23
- 66714 – Thursday High
Support
- 64482 – Intraday Consolidation High / Low
- 63440 – Intraday Resistances
- 62940 – 20D Moving Average
Bitcoin has already triggered an inverted head and shoulder opening the way for a retest of the historic highs. On an even larger scale we are poised to see a weekly engulfing candle after the long tail from the start of the month to reinforce the bullish view. We will favor a buy on dips approach to the 64482 region with emphasis on looking for long tails intraday to time jumping in. A daily close above Thursday’s high may also be seen as an entry. Note our invested SHS pattern’s theoretical target is the previous historic highs.
