If we get a close in the MA cloud, a possible edge 2 edge scenario could play out and bring price to the 7200 level.
Price will most likely play out this edge to edge scenario and attempt to retest the Daily MA cloud around the 8000 area.
I am expecting bitcoin to retrace to possibly the 14000 area which is a good psychological round number. I will be watching price action around that area for a potential reversal before continuing to make new highs.
I believe this correction is over and bitcoin will be making its way higher now due to one main reason, very rarely do I see a daily bar with no wick on the open side. Statistically 95% of the time a wick will form by the time of close.
This will be interesting to watch with it's No. 1 competitor Bitcoin Bash was listed on Coinbase tonight.