Bitcoin now shows yesterday’s movement to be on track exactly to Rogue* Wave expectation as the retrace movement has now bounced at the support level shown. 6450 is the 1/2 retracement point of the previous leg up, and as stochastic took a dive on the four-hour scale, BTC managed to keep the level at that point and show that 6400 still maintains support and 6450 is surely the pivot area. Now, what comes next will determine if the uptrend is here to stay.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-04-at-12.01.41-PM.png 641 1170 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-04 14:03:532018-07-04 14:03:53Bitcoin Technicals: Weeding Out The Dreamers, Rewarding The Grinders
BTC price volatility has been fairly high, and with this current candle, there is little movement. However, there is the fact that price has met the MA(moving average) lines on several times scales, and on several occasions to give it a boost in the right direction. Upward momentum has also been held by the fact that support holds have been solid at every stage, even on the minor scale. A step-ladder like pattern with confirmed higher highs and higher lows additionally helped after a massive breakout from the pennant/channel BTC had formed at the end of June.
Now, BTC looks to aim its sights on reaching the 7k mark. The only blockade is that there is hard resistance at 6800, which can clearly be seen with the wick on the previous candle ending at 6784. There is also the fact that the mid-scale shown also is flat-lining, however, there is room for more upside as the next stochastic cross has now taken place as MACD also looks to cross to the upside.
BTC is currently a buy above support(6550) or hold.
Downside protection under support at 6350.
Futures Trader – Trade the trend. The short-term trend is long. Use 15-minute intervals.