Bitcoin has continued to follow the path laid out by retracing beyond the point projected, but this giveback has been due. The question is where will price stop? To get an accurate gauge of a continuance in the uptrend, BTC price movement must show proper pivot in conjunction with support and/or resistance. Looking at the price now, BTC is showing an attempt to hold resistance as support at 6400 once again. This is a major support level and should be watched carefully as the failure to hold this zone as support will lead to BTC seeking the next major support at 6k.
https://abacusjournal.com/wp-content/uploads/BEA_03_GR0003_01_P.jpg 353 510 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-10 16:10:282018-07-10 16:10:28Bitcoin Trend Sliding Negative Again, Drop Below 6,400 Support Should Give You Pause
Rogue* Waves now show that the downdraft has taken back almost 1/2 of the previous leg up if looked at on a longer scale. However, keep in mind that the short scale pattern that has been trending up has been broken in being able to day trade BTC or its respective Altcoins that track together as the short-scale pattern has broken down to give way to a mid-long term retracement. BTC is now trading in the upper 6300’s, which is attempting to hold 6400 once again as support. Failure to do so is in the cards as of writing as MACD momentum is still negative with the histogram giving continuous ticks negatively.
What will BTC seek next? If proper support can be made for a pivot as shown, BTC will once again test 6800 and 7200 major resistance beyond that. Stochastic levels show a bottoming attempt but keep in mind that mid-term retracements as shown to bring more volatility in the extreme “danger zones” of stochastic levels, e.g. less than 20. Watch the histogram on MACD for momentum to slow down.
Note: Previous entry and exit strategy thus far have proved to be the optimal trades on BTC while maintaining lower risk. Considering the trend is confirmed down short-term with a lower low, a support pivot is needed before entering the market. The case for higher volatility to the upside allows for a pre-set entry point at 6550 once again, confirming a continuation in the uptrend for a short gain at the least if BTC is to seek 6800 resistance again.
BTC is currently a watch.
Futures Traders- trade the trend. The short-term trend is short, however, watch for potential pivot confirmation.