Blockchain confidence sends Bitcoin and cryptos higher.
The price of bitcoin has continued its run higher on hopes that positive blockchain is good for bitcoin too.
Yesterday Blackrock said they were looking into blockchain and that helped to push the price of bitcoin through technical resistance (see post yesterday "Trading education: Who cares if Blackrock likes bitcoin or blockchain?")
The run higher today got a boost on the break of a ceiling area in the $6533-$6843 area. That was home to a number of swing levels (see red circles on the hourly chart above).
The pair is now trading up $644 at $7306. The 38.2% of the move down from the 2018 high comes in at $7371. A move above that level will have traders looking up at $7863.17. Before that, the June 3rd high peaked at $7777.00 (a nice round number).
