Bitcoin overnight (US CST) has attempted to keep a hold on support @ 6400 as lower volatility has finally brought the fallout to slow down. BTC started the month by breaking below 8k and testing the 7800 pivot level(not support) and then actually seeking out support at 7600. After slowly laddering down through 7200, BTC sought and broke 6800 only to find the 6400 settlement area at which it currently stands. BTC did break down to the 6178 briefly but saw a quick rebound. The current state of BTC will provide an outlook as to the retracement which is more needed today than ever as the long-term upper trend line gets further away as time passes.
https://abacusjournal.com/wp-content/uploads/white-knuckles.jpg 533 800 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-08-09 17:39:022018-08-09 17:39:02Bitcoin Believers Are Getting The 'White Knuckle' Treatment; Technicals Aren't Providing Any Relief
Rogue* Wave Analysis shows that this leg down retracing all of the previous legs’ gains is now officially a warning sign of a potential continuation of the downtrend, statistically speaking. Now overextended, the mid-term leg down from is now over-extended as well. The group of the last few candles also show upward pressure with some wicks attempting to hold price action from dropping.
The tech specs show just this:
Stochastic readings now pivot in the oversold(<20) region to seek out higher levels once again. The daily chart shows a bottoming as well.
MACD mid-term is now also looking to cross to the upside, a needed boost for BTC to seek out resistance at 6800 once again.
BTC is currently a buy/hold short-term. Downside protection should now be placed under support at 6400.
Futures Traders – trade the trend. The short-term trend is currently long.