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