Bitcoin Forecast June 1, 2018

Bitcoin rallied again during the day on Friday, after initially pulling back on Thursday. The market looks as if it is trying to test the 7600 level, but quite frankly I think a lot of this is confusion based around the tariffs and the potential troubles that we are starting to see in global trade. People may be trying to use bitcoin as a bit of a safety trade, but quite frankly in the end I don’t think that’s going to work. I see significant resistance at the $8000 level, and it’s not until we break above there that I am overly impressed. That being said, the market did gain 2.7% during the day, which is one of the stronger moves that we have seen recently. Ultimately, if we did break above the $8000 level then I would be convinced to start buying. Until then, I’m looking for exhaustive candle to start selling.

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