After the Tether news the bulls have managed to keep consolidation to a minimum. The bulls still need to close above the 12 period exponential moving average on the daily chart to gain it as a support, while on the 4 hour chart the 12 and 26 EMA's are already acting as support, along with the middle bollinger band.
We are watching for a bull break of $6829.06 on Coinbase/GDAX. If we get that bull break we will then look to $7,000 for our next resistance. We have an uptrend support line to be watching as well as support and resistance get tighter. We could find ourselves in a 4 hour tightening equilibrium pattern before the break as there are both upper and lower wicks of profit taking for the bulls and the bears in the current range we are trading in. Waiting for a clear break of this tightening pattern to execute a trade will decrease the risk to reward. Patience is the key.
4 Hour Chart:
