BITCOIN BULL CASE: Technicals Offer Hope To Bulls, Price Action Snorts At Bears

Bitcoin continues in its quest to hold the long-term upper trend line as shown yesterday. Taking a look at today’s daily chart, BTC can clearly be seen attempting to hold 7600 (which remains the boundary today as well) as it held the line as of yesterday’s candle close* with 7606. This has allowed BTC to keep intact with an uptrend so far that seeks to potentially give a market reversal from bear territory to bull once again after a rough year.

Rogue* Wave Analysis also gives light to the bull case. Even in the current 7500 range, BTC is still a bit distant from the 7200 retracement pivot area, which is 1/2 or 50% of the previous leg up. This maintains the overall uptrend, though breakage of the long-term upper trend line will have to occur, if only briefly if this level is hit. However, this is a reasonable retrace area as it allows for proper giveback after such a large buy influx.
Stochastic readings continue to seek oversold(<20) levels. This downspout will continue to draw price down on the mid-term and daily scale to seek proper giveback if the uptrend is to continue. Allow this level to pivot in the oversold region in conjunction with support holding on the price chart.
MACD readings have now crossed giving no indication of slowdown just yet.
BTC is currently a No Play – needs support and multiple pivots to confirm continuation of the uptrend. Risk level high as overall trend must be confirmed.
Futures Traders – trade the trend. The short-term trend is currently short.