Bitcoin stays in a tight trading range and remains flat as Saturday night(US CST) trading allows price to maintain a “pennant-like” pattern once again. This seems to be becoming the norm when it comes to BTC. At the moment, 8k major support continues to hold as the MA(moving average) line is still challenged. The last 8 hours or so have held price levels to maintain a 150 point or so trading band. The low volatility brings many speculators to question whether BTC has momentum left to the upside, and taking a look at the tech specs should give a gauge as to what can be expected for the upcoming week.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-29-at-12.19.08-PM.png 641 1174 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-29 15:35:212018-07-29 15:35:21Bitcoin Bulls Waiting For Next Leg Up; Technicals Urge Caution, Add Hope All At Once
The previous leg up has been retraced to a 1/3 point at 7800, but this is also considered a “soft” test with the Rogue* Wave System as it was touched by a wick and not candle close. The uptrend continues with a pennant pattern as well, and overnight trading produced a flat top with candle close and one long wick which produced the 150 point trading range which would have otherwise been flat.
Stochastic readings continue to meander a bit to the point that it can be thought of as an attempt to seek overbought (>80) levels once again, but the range it has been moving in has still not produced any significant price movement.
MACD momentum is still negative but flattening, which gives more reason to believe that an upside movement is at bay.
BTC is currently a hold with downside protection near the 8k mark.