Bitcoin has made no progress in its path to seek out 6400 resistance once again to create support. As BTC currently trades in the mid 6300 range, there has been virtually no change with extremely low volatility in the last day. This is highly unusual once again after such a big drop, and as the hourly chart seems to show, there is an attempt to now retrace some of the losses. The focus, however, should be shifted a bit to the longer-term as we are now able to see some crucial points in price action.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-11-at-8.43.27-AM.png 642 1172 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-11 13:24:322018-07-11 13:24:32Bitcoin Technicals Desperately Search For Support, Next Level Down Could Touch 6,000
Looking at the daily chart(shown), BTC is clear in its overall path and downtrend continuation at the moment. This exact chart was presented over two months ago as BTC retraced to the upside over the long term. Now looking at the same chart with no alterations, it can be seen that BTC maintains exact momentum as it now struggles to break the 6800 line on that longer-term scale.
After BTC challenged this area twice as support with the last time in early April, the downside break of the 6800 line led to it being used as hard resistance. The last time BTC challenged it as resistance was mid-June, then just a few days ago. Both instances showed a hard bounce, and it seems that BTC is now struggling to maintain the 6400 area. This makes things all the more interesting, as 6k has been the total downside target for months now as shown, and if a break occurs below that 6k area, the second target below at 4750 could occur. Additionally, looking at the pattern, the 6800 challenge here recently would likely be seen as a minor double-top hitting resistance.
Stochastic readings daily are also taking a dive to seek lower levels in the oversold region(<20) once again.
MACD shows a slowing in positive momentum, so watch carefully.
BTC needs support desperately, next level down at 6k flat.
BTC is currently a no play.
Futures Traders- Trade the Trend. The short-term trend is down, however price action has been sideways with low volatility for over 24 hours. No trade – until trend continuation or reversal short-term is confirmed(breakout) to lower risk.