We may be seeing the end of the first up leg of the halving dividend for bitcoin. Absent any fresh catalyst to push crypto currencies higher we may fail to see a new high. We have little fresh catalyst to move crypto with most of the events that could be hyped already past. The only thing remaining angle we could see here as an argument of a deluge of fresh cash should central banks the world over begin an easing cycle.
Resistance
- 73800 – Historic High
- 72707 – April High
- 71911 – Yesterday’s High
Support
- 69135 – Intraday Pullback Low
- 67324 – Previous Intraday Consolidation Resistance
- 64581 – Previous Intraday Consolidation Low
We haven’t quite seen the price target for our inverted SHS breakout but Yesterday’s candle suggests that we may be losing momentum with its very long wick and closing just above the open. Daily indicators also has the stochastic coming off overbought levels as we get near the resistances. Given all this we are now cautious about new buys for Bitcoin suggesting profit taking instead or a sell on rallies towards yesterdays highs with stops placed just above the historic high last March.
