Bitcoin's Oasis in the Middle of the Summer Desert

We have a mixed, summer tape on our hands with equities today, albeit with some enticing standouts across a variety of sectors. Still, seeing energy and transports dump out is a bit concerning and likely drives home the point we need to continue to hop around to the hot sectors with tempered expectations during these summer months. 

Turning to Bitcoin, which is something we rarely look at on this site, the most prominent crypto currency may finally ready to make its next directional move after correcting sharply back in the winter months, and then drifting lower for much of spring and summer, thus far. 

On the Bitcoin/U.S. Dollar cross daily chart, below (courtesy of Tradingview.com), Bitcoin is trying to emerge from a falling channel pattern to the upside. Crypto proxy stocks like OSTK are not screaming higher, quite yet. But they are certainly worth watching if Bitcoin can hang onto this bounce, something which has been a far more arduous task for the HODLers in 2018 than in 2017. I

If Bitcoin can break and hold back over $7,000 in the coming days and weeks, we may get that long-awaited relief rally so many have been calling for this year. On the bear side, a breach of $6,000 again ought to see price cascade lower for a violent new leg down.