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.
for more analysis: http://www.dailyforex.com