Bitcoin has finally made a short-term jump to create a solid foundation above the 6k level. After heading up and breaking 6k, the 6400 resistance level was broken to become support once again. The Rogue* Wave pattern, as discussed yesterday, was fully deployed as the first leg up creating the higher high with the bounce off of 6400, then gave the 1/2 retrace leg to create the higher low. The pivot area left the gap open for entry at 6325 (roughly) and allowed for a 300 point run as an exit strategy would have made for a solid trade.
https://abacusjournal.com/wp-content/uploads/5D675E3B-4486-46C4-BA01-5C5472A2B32A.png 645 1172 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-03 17:57:052018-07-03 17:57:05Bitcoin Technicals Tell A Story; Short Term Sell, Longer Term Uptrend
That leaves BTC at another point now. As BTC trades at just below 6600, it is just 200 points away from hard resistance at 6800 again. BTC has previously had some price resistance at the 6600 level, which is why a retrace is likely at this point. Currently, the downdraft has taken back 1/3 of the previous leg up, however, the 1/2 retrace point is more likely and would be a better fit for a continuance of the short-term uptrend with a higher low. This would be registered at 6450, which is basically another test of the 6400 support level.
The next leg up would likely seek out a challenge on the 7k mark – if 6800 resistance can be broken.
Stochastic levels hourly are attempting to pivot, however lower levels are still possible.
MACD indicates the uptrend still intact hourly, and the larger scales continue to have bullish momentum -especially looking at the daily chart.
BTC is currently a Sell short-term
Longer Term: Hold as uptrend is active
Futures Traders – Trade the Trend. The short-term trend is long