Bitcoin Technicals: And Just Like That Everybody Can Breathe Again

Bitcoin continues to challenge the 6800 resistance area as the last 24 hours worth of trading have kept price levels hovering in this zone. As BTC continues to fight this level, the mid-scale and daily chart continues to show the short-term long pattern that has created the inverse head-and-shoulders pattern that has formed. The continuation of the long pattern seeks the ultimate destination at the 7200 mark(which also happens to be the next resistance point beyond 6800). This marks the major pivot area for BTC, and at the least should see a retracement, if not before this level.

As discussed in yesterday’s analysis, support and resistance levels stand firm @ 6400/6800/7200 and 7600. However, a new piece of data has emerged with the Rogue* Wave System. Today sees the upside break target of the long-term trend changed. This means bear territory can be flipped into a possible bull market at the break of 7600 resistance. The question is if BTC has found its bottom, which is still market near the 5k region.
Stochastic levels continue to be in overbought(>80) zones on the mid-scale, with daily giving a pivot in lower levels. This is good for bullish momentum.
MACD shows positive momentum on every scale so far with hourly attempting to close across to the upside with lower price movement. Hence, a slow crossing once again.
BTC is currently a hold for participants, but a watch for those not in the market. Looking for a pullback on the short to mid-scale for support entry.
Futures Traders- trade the trend. The short-term trend is currently long. Be cautious of a pullback to re-test short-term supports