Bitcoin in US (CST) overnight trading performs as expected with a breakout from standstill levels. After reaching new recent heights by breaking back above 6k and then 6400, BTC now solidifies that post at it holds 6400 as support along with the major support level at 6k. The pullback after the first run up was completely made whole as the first Rogue* Wave retracement point was also hit, just shy of about 20 points. The initial target was at 6240, while yesterday BTC managed to briefly take the 6260 mark. This is 1/3 retracement of the previous leg up, a confirmation of a higher low in conjunction with a wave completion. Additionally, the drawdown was held to a minimum during the last day’s selloff, which indicated that buying power has held strong and continues to drive BTC to seek out the next level of resistance at 6800.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-02-at-9.21.30-AM.png 647 1172 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-02 13:49:472018-07-02 13:49:47Bitcoin Price Action Creeps Past Resistance Levels; But Long Term Trend Remains Negative
Keep in mind that support and resistance levels still stand at 6k/6400/6800/7200.
As stochastic shows on the mid-scale 4-hour term(shown), the pullback was matched with about a 1/2 pullback in stochastic levels that showed BTC would not immediately break down has these levels reached oversold(<20) territory.
Additionally, MACD levels show a continued rise as they are still positive, even as they neutralized. This is also the reason this indicator should be used mostly for an exit strategy, not to deal with entries.
BTC is currently a hold. A stop should be marked below support as long-term trend is still down, even with current momentum being positive.
Futures Traders- Trade the Trend. The short-term trend is currently long.