A Good Week For Cryptos, Bitcoin At A Key Technical Level
Shain Vernier • 1 min read
The past seven days have been good ones on the cryptocurrency front. The panic selling of May appears to have subsided with the big four cryptos posting nice early June gains. A quiet news cycle has rekindled investor optimism. Perhaps the Summer months will bring more bids and bullish action to the entire asset class.
Reports are hitting the wires that cryptocurrency pioneer Circle is filing papers to become a registered bank and exchange in the United States. Circle is backed by investment banking giant Goldman Sachs. In the event that the license is granted, the cryptocurrency trade in the United States may be changing dramatically very soon.
It Has Been A Solid Early June For Cryptos
The last seven days have been positive for the big four cryptocurrencies on the cash markets. Let’s take a look at the performance:
Coin Gain/Loss (Approximate)
Bitcoin (BTC) +3.0%
Bitcoin Cash (BCH) +14.76%
Ethereum (ETH) + 7.0%
Litecoin (LTC) +2.5%
If the first week of June is a prelude of things to come, crypto bulls will be walking tall by the end of Summer.
The Key Technical Level In Bitcoin (BTC)
June Bitcoin (BTC) futures are currently trading at the 38% Fibonacci retracement of the late-May sell-off.
Overview: The only real technical level on my radar is $7644. A quick look at the chart above illustrates how important this level has been. Today marks the seventh session in a row where $7650 has been a catalyst for heavy two-way action. In the event price fails to establish a value area north of $7644-$7650, a revisit of the Swing Low at $7050 is all but assured.