Matt Weller, CFA, CMT
Faraday Research
Whilst we see potential for Bitcoin to break to new highs, we think a correction below 5,400 could be on the cards first.
Since its explosive breakout on the 2nd April. Bitcoin has edged it was to an 18-month high. However, price action has become a little choppy with 5,400 resistance nearby. Prices are extended above its Keltner band (where it theoretically spends around 98% of the time between them) and we're now on the seventh consecutive session above the band, which is why we think mean reversion may not be too far off. If prices do correct, then we'd look for signs of stability above the original breakout level (4488).
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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