For Bitcoin ( BTC ) to breakout to the upside, people have to willing to buy it above 8300. I know that sounds like an obvious statement, but it is something to consider when looking at the Bitcoin ( BTC ) daily chart .

We have a set of Fib speed resistance lines that are working very well for us. Looking at the chart above, Bitcoin ( BTC ) is pressing against resistance near 8240. The resistance is right at a Fib speed resistance line. We are surprised at how strong the resistance here is. But maybe we shouldn't be? The same line was powerful support the last time Bitcoin ( BTC ) took off from 8800 to 12000. This situation is getting frustrating because there are so many reasons to be bullish on Bitcoin ( BTC ), yet it can't break resistance.

Bottom Line: We are willing, but we are starting to get a little frustrated. Yesterday and today are perfect days for a breakout, yet it is not happening. We will continue to wait and see. Stay disciplined on position size and stops.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.