Bitcoin has formed a bearish reversal candlestick on the daily chart with a long upper wick of profit taking. We are now looking for daily consolidation and will look for the daily 12 and 26 exponential moving averages for support. A pullback to the $7500 range would still be bullish and a good sign that the bulls would try to next make a higher high somewhere in the upper $8,000 range on the daily chart. Anything above $6,661.19 would still be a higher low on the daily chart and keep the bulls in control of the daily time frame, although the bulls would not like to see a pullback that far.