The current price of Bitcoin is $7600 USD with 24 hour trading volumes around 4.29 billion USD. In our opinion, all $BTC needs at this point is a slight uptick in volume to send Bitcoin’s price above $7800. If this occurs, we will then be eyeing the upper $8000’s (8700-8900) for the next major resistance point as it is the price point that meets the descending angle of the symmetrical triangle our team has been speaking about for weeks.
:chart_with_upwards_trend:
One interesting thing to note about $BTC’s 24 hour volume is the consolidation that is taking place. Here are the 24hr trading volumes from the past four days:
As you can see, the standard deviation for 24 hour trading volume over the past eight days is minimal. This points towards selling pressure diminishing and buyers are now catching their ‘price of interest’ with their own volume which is stabilizing the crypto markets.
As we highlighted the other day, our favorite color green has started to poke its head out again. We have been mentioning for well over a week that we have been taking fresh positions in alts and at this point, that decision has been profitable.:moneybag:
For now, the Bravado team is holding about 70% crypto and 30% fiat, on average. That is a fairly high crypto allocation even for our team, but we do believe that Bitcoin will retest the upper resistance of the symmetrical triangle (@8700-8900) which should make the entire market profitable.
We will begin to be discouraged if Bitcoin’s price fails to break $7800 over the course of the next 48 hours. The weekends bring low volume which will force us to reduce our exposure due to the current market uncertainty.
At this point, $7200 will provide some support, but if Bitcoin breaks in that direction, expect $6800 as the next region of support. Our team will be extremely discouraged and will most likely return to net short positions if $7200 is not held because that will invalidate the ‘higher lows’ Bitcoin has been making since early February.