BREAKING BAD: Bitcoin Dumps And Breaks Through Each Support Price Point We Predicted

The fallout of Bitcoin over the last 24 hours is crystal clear. Peaking in the 7400 range, the Rogue* Wave Analysis called for a sell almost perfectly near the top as the struggle began to present itself. This came from the 3-wave pattern which included seeking the target area of 7400 to be completed.

 

Yesterday’s price action along with overnight (US CST) trading saw the breakdown of several key levels. 7200, 6800, and most recently, 6400 support have all broken with BTC continuing down to seek a low of 6302. In the span of 3 candles, as shown on the mid-scale chart, BTC gave a double test at this low with a second candle hitting 6303. The previous long-term low at 5858 has still not been challenged from the previous fallout, however, this also remains a higher low overall.

BTC continues to struggle as it trades right at resistance, which is technically 6400 at the moment. Stochastic levels remain in the oversold (<20) region and continue to bring volatility to price action. This is in conjunction with the continued steep dive in MACD levels that remain negative as well – although attempting to even out with the current candle.
Two options remain for BTC participants.
Short-Term entries are possible at this time, although the risk remains high as this is a pivot play. Entry at 6400 should allow for 2.5%-3 on BTC Net Gains. Altcoin strategies may pay out much higher returns at this risk level as something to consider as an alternative.
Mid-Long Term Entries are a No Play for BTC at this time.
Futures Traders- Trade the Trend. The short-term trend is sideways(15-minute scale) with high volatility risk in either direction. No Play.