Bitcoin Trading Range Remains Frustrating; Technical Patience Is Key To Capitalizing On Big Move Up Or Down

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Bitcoin continues to stay in the mid 6k region as overnight (US CST) trading keeps the 6400 support mark somewhat intact, the 6250 mark fully intact, and of course, the major 6k level held firmly. This is good news for the bullish cause at the moment with uptrend continuation risk lowering as higher supports hold. Currently, a new Rogue* Wave track is prevalent. There is some form of retracement taking place as two tracks are sought out – the first already being achieved at 6400 support. Overnight trading touched the second as the 6360 level was achieved with almost perfect accuracy at 6355 – a mere 5 points away. However, what truly counts at this time will be the candle close*. Over the next 12 hours, this indicator alone will give a proper reading of where the wave analysis stands and therefore slight breakage of the pivot area at 6360 should be expected.

Stochastic levels now seek the oversold region(<20) and will justly bring price along to attain a higher low* which is what is needed for not only the continuation of the uptrend but two levels of lowered market risk. MACD readings are now negative hourly as well, however, this just confirms that the sell signal issued early yesterday was correct. Look for a flattening of the hourly MACD signal along with bottoming and pivot in stochastic to plan entry right above support in the uptrend. Support break and mid-term(4-hour) stochastic pivot lower will cause for BTC to break new lows – so watch the 6250 area carefully.
BTC is currently a watch.
Futures Traders – Trade the Trend. The short-term trend is currently short.