Trading Crypto: **Saturday Afternoon: Bitcoin Trading Range Remains The Norm, Scalp Opportunities For Day Traders

Bitcoin retraces slightly and scares most out of what has been the start of a decent leg up – a leg that actually broke up through resistance to see something interesting develop. If we take a look at the Rogue* Wave Analysis, there are two very important things that pop out about the last few days’ worths of price movement.

 

As the hourly scale will show, the current drop below the 6455 point of entry shows the short-term giveback. However, this still creates a higher low as the 6250 mark still stands as the hourly previous low to sustain. This is also the base of the channel BTC resides in at the moment as shown. The downspout, at most, should sustain 6065-6070 if price begins to falter as volatility kicks in. This is the last base point for a pivot that will sustain BTC from seeking the previous lows right below 6k- not a good sign for the bulls. This would likely lead to more fallout which includes seeking the longer term 5600 mark, and (hold your breath) the potential of the 5200 mark.

BTC does maintain some gravity on the upside as well. The channel floor at 6250 is 1/2 of the previous leg up, which by Rogue* calculation would allow BTC to seek upside at 7k if this was the pivot area. The next leg up would be roughly 600 points as the daily scale upside would get a boost on the upside by hitting the top of the MA(moving average) line which it is currently testing as well. The final line item is the expanding megaphone which has been formed on the mid-scale. The upper trend line now stands at 6250 – exactly where the Rogue* pivot retracement area would work perfectly.
Stochastic levels hourly have bottomed and look to pivot – daily is currently still bullish as it seeks overbought (>80) territory once again.
MACD signals short-term have followed the price down, however, mid-term set to cross down while daily looks to cross up. This will create a bit of sideways momentum in price.
BTC is currently a Sell or No Play for entry upon confirmation of pivot.

Be Bullish! Bitcoin Action Signals Another Move Higher (albeit a small one)

Bitcoin travels to the entry point of 6455 and continues upward to seek out the mid 6500 level. However, this is not quite the uptrend expected as the break out of the bullish pennant still has room to go and is moving unusually slowly for BTC. Now sitting right above yesterday’s entry point, BTC still maintains higher lows. A higher high is the next line item for BTC to fully seek out the next resistance area at 6800.

The hourly chart shows the breakout and current sideways momentum as BTC tries to hold the 6400 support area, which it is doing well. Thus far, overnight(US CST) has seen the 6400 level tested once and immediately rejected, which is a good sign for more bullish momentum to the upside – as long as a higher high is registered sometime today.
The short-term retracement, aka the last 24 hours, has also held the downside(with the 6400 test of support) to 1/3 of the previous leg up. This is in conjunction with stochastic levels hourly dropping 50% in that same period.
Stochastic levels mid-term and daily both remains bullish to seek higher levels.
MACD additionally maintains bullish momentum mid-term, and daily looks to cross to the upside.
BTC is currently a hold. Downside protection should be under support – however, be aware of volatility.
Futures Traders – Trade the trend. The short-term trend is currently long.

Bitcoin Technicals: “Reason to believe that bullish momentum may remain if support holds…”

Bitcoin climbs higher and attempts to hold the 6400 support area (technically, resistance at the moment). This has been the runabout of price action for the last 12 hours or so as 6300-6400 has been the rough range BTC has traded within while keeping from dropping anymore. This has also added to the fact that BTC has also created a pennant within the bigger expanding megaphone pattern. This is shown on the hourly chart well, and the current upside break from the pennant stands at 6455. This is better served as BTC holds the 6400 support area.

As the expanding megaphone was broken to the upside briefly, there is also reason to believe that bullish momentum may remain if support holds. This is in conjunction with the daily chart showing strong buying power set to come in over the next 48 hours or so as oversold(<20) conditions have kept the low price point from being able to simply retrace. At a minimum, the retrace condition of BTC is set to challenge the downspout experienced over the month of August.
Now trading within a bullish range, as a buy/hold scenario was previously registered, this can remain active for the time being. There is continued upward pressure as stochastic levels hourly remain active in a higher territory and look to pivot soon again. Daily stochastic levels now look to exit oversold (<20) conditions for overbought (>80) once again – a good sign for the bulls.
MACD readings give an indication of a slowdown in the downtrend, however, have not maintained fully positive momentum just yet.
BTC is currently a Buy/Hold with 6400 support sustaining. Downside protection should be under support.
Futures Traders – Trade the Trend. The short-term trend is currently neutral/long. Confirm pattern on the short term for long entries with higher lows*

Trading Crypto: **Wednesday: Bitcoin Pivots, Punches Higher, But Downtrend Remains Intact

Bitcoin now pivots on the daily scale as a bottom was seen, at the very least on the short-term. As the downtrend found a low at 5858, the brief puncture of the 6k support level was just that – brief. BTC proceeded to hold support fairly well on the daily scale as stochastic daily bottomed as well and brought more volatility to the market. Now trending higher, BTC finally sees price points not seen since last week. This has been done while also making a break through the daily MA(moving average) line.

Rogue* Wave Analysis shows the downtrend of BTC continuing until giving a high followed by a higher low*, however currently price action is allowing for short-term entries with BTC and Altcoins across the board. The bottoming yesterday of BTC(Where the arrow points) does do something interesting; it allows BTC to hold that inclined* trend line created by the bottoming of the price that could potentially sustain a long-term pivot for the trend. This is in addition to BTC holding the 6k major support area.
Stochastic Levels now pivot in the oversold(<20) region daily – while the smaller time frames continue to hold higher levels.
MACD now begins to tick positively.
Support and Resistance stand at 5600/6k/6400/6800.
BTC is currently a buy/hold above support, with downside protection under support.
Futures Traders – trade the trend. The short-term trend is currently long.

We Can’t Sugar Coat It; Bearish Momentum Is Fierce And Dominating

Bitcoin continues the trend – down, in US overnight(CST) trading. As evening trading picked up downward speed, BTC began the last 12 or so hours by breaking the 6k support mark to achieve a low of 5858. This is still a bit far from the next support level down at 5600. Overnight trading saw the retrace take back part of the losses to allow BTC to hold the 6k support level once again, however, this still gives major gravity to the downtrend.

If the BTC trend still remains active with the pattern showing lower highs and lower lows, then the current retrace is also considered a part of that with yet another lower high*. With Rogue* Analytics, this retrace move is categorized as a high standard for the wave pattern of this major trend leg. The current retrace has taken back 1/3 of the previous leg down, and a break below support will continue the next trend leg which just so happens to land at a resting point of 5600. As said before, this is the next support level down and will be sought out upon 6k support break. This also adds to the overall likelihood of the final price target of BTC 5200 to see the bottom trend line of the major long-term trend which remains bearish.
Stochastic levels have been driven up by the retrace, however, a pivot is at hand to seek oversold (<20) levels again with the trend being down.
MACD shows continued bearish momentum hourly, as even with the upside cross recently, price struggles to maintain support. Support being thoroughly tested and holding the 6k mark will be the next major step for BTC.
BTC is currently a No Play.
Futures Traders – trade the trend. The short-term trend is currently short.

Trading Crypto: **Monday Afternoon: Bitcoin and Alt-Coin Scalp Opportunities Pop Up (2%-4% upside)

Bitcoin now sits slightly higher than weekend trading. Overnight (US CST) saw price hit a low of about 6290 before reaching the mid 6500 range. This is due to the fact that the 4-hour scale hit the MA(moving average) line. The tight trading range has maintained throughout the weekend into Monday morning and with the downtrend still intact, a high needs to be made followed by a higher low* as discussed in earlier analytics. This feat will likely be accomplished over the next 48 hours – that is if BTC can hold support. The next support level down stands at 6400.

As the daily charts shows, the continuation of the trend depends on support, short-term lows made, and overall price target. At the moment, this stands at 5200. Historical price data additionally adds to this, as the previous two major trend legs down experienced extra downward price action when attempting to break to the upside. This was met with the MA line daily pushing price back down as stochastic levels were in the oversold(<20) region. These previous two occasions saw new lows sought out to complete the journey to the lower trend line with high accuracy.
Now in the green, BTC still has yet to give a proper indication of an overall pivot. However, there may be an opportunity for a short-term gain. With today’s price action likely to seek shorter-term upside action (15-minute scale), there are likely buy points for BTC and alt-coins to capture 2.5%-4% gains. Look for BTC momentum to line up with the technicals to possibly even test the next resistance level up.
Stochastic levels now look to pivot daily while the mid-term 4-hour scale seeks overbought(>80) levels. This will add to the possibility of short-term gain opportunities throughout the day.
MACD shows negative momentum that now ticks to the upside for the last 3 days in a row. There is slight resistance to being able to crossover, party due to the fact that long-term bearish momentum still remains. Look at the smaller scales to get a gauge of hourly price action.
Support and Resistance levels stand at 6k/6400/6800
BTC is currently a watch. Short-term buys at hand; downside risk: MED
Downside protection should be placed under support if holding a position.
Futures Traders- trade the trend. The short-term trend is currently sideways. Futures Risk: High until pattern/trend confirmed either as the pivot to long or continuation of short.

Bitcoin Remains Squarely In Bearish Territory; Downside Support Stands At 5,200

Bitcoin now continues to stay flat after a few days of fallout. The downtrend, now still active, needs to see a new short-term high made. Daily price movement shows that BTC has struggled to push higher, but remains above the major 6k support level. The breakdown of this level will, as discussed earlier in the week, seek 5200 as the overall downtrend large-scale is still active. The upper trend line of the overall bearish movement was briefly broken, but as time goes on, this line gets much further away.

Rogue* Analysis details the active leg down as taking back the entire move of the previous leg up, categorizing every level (short/mid/long) fully down with lower highs and lower lows. This is also an indication that it is more likely that BTC seeks a new low at the moment. However, this can be countered by BTC holding the major 6k support and look at the mid-scale (4-hour chart) to attempt a high and a higher low*.
Stochastic levels continue to stay in the “extreme” zone of volatility at the peak or trough of a leg, in this case at the bottom. They remain in oversold (<20) conditions with the smaller scales struggling as well.
MACD shows continued bearish pressure on the daily scale. Still negative, this is a pure sell or No Play signal.
BTC is currently a No Play – look at the altcoin market for smaller, consistent gains until confirmation of upside is made in conjunction with BTC holding 6k support.

Alt-Coins Are A Dumpster Fire, Bitcoin Dominance Hits New 2018 Record High

Even as the crypto bear market continues to roar one persistent theme has become extremely reliable: Bitcoin Dominance. In fact, it has become the metric de jour across media platforms and within crypto circles. This theme has made institutional players cast a wary eye at any digital asset other than Bitcoin itself.

Thus, the continued destruction of the alt-coin market; with no relief in sight.

At the time of writing this, Bitcoin dominance – or its share of the coin market cap percentage is now above 50 percent – the highest since mid-December 2017. According to CoinMarketCap, the total market capitalization of Bitcoin is currently valued at $105 billion.

Thomas Lee, Co-Founder & Head Analyst at Fundstrat Global Advisors, recently noted that rising Bitcoin dominance is a sign that a recovery is in order.

The sharp decline in Bitcoin’s price $6156.22 +0.06% was purportedly triggered by the SEC’s announcement that they will delay the decision on the much anticipated Cboe-backed VanEck/SolidX bitcoin ETF proposal. Oddly enough, though, this move was well anticipated and expected.

Apart from that, the last few weeks saw a string of positive news, which failed to trigger any positive price movement.

ICE announced a new project – a digital asset platform dubbed Bakkt in collaboration with marquee companies such as Microsoft, Starbucks, BCG, and others. According to popular cryptocurrency trader and owner of investment firm BKCM LLC Brian Kelly, this was the “biggest news of the year for Bitcoin.”

Goldman Sachs is reportedly going to start managing Bitcoin for its clients, responding to their serious interest.

At the same time, with hashrates at records highs, SegWit adoption continues to grow as its share of all BTC transactions is now above 40 percent, another all-time high.

Whether fresh highs in Bitcoin dominance is any sort of marker for a turnaround in the crypto markets is a question yet to be answered; crypto bulls will point to anything in hopes of breaking the overwhelmingly bearish trends. Is there a clear way to play (profit) from Bitcoin dominance? Sure, buy the fu**ing dip!! BTFD!

Bitcoin Tests 6k, Crypto Twitter Salt Abounds, Where Did Everybody Go?

Bitcoin begins to slow down a bit after US (CST) overnight trading Friday night into Saturday produces price activity that sees not only the 6k level tested but a snapback during the evening hours. This is unusual in the sense that BTC does not see many larger gaps at all, however, gapped directly to the support level at which it now stands. This is also a sign of a large volume of selling hitting the market, but likely by smaller groups.

As Saturday moves on, BTC will likely continue to test the lower bounds of the 6k region. Neutral pressure will be boosted purely by the tech specs. This includes the MA line which now looks to meet price on the mid-scale and likely give a sort of “push” needed to keep BTC alive. The other factor is that current price point is at the inverse head-and-shoulders pattern pivot area(shoulders specifically) from the last major turn around. Keep in mind that a break below these levels will likely seek new lows as the overall downtrend is active.
Stochastic levels stay in the oversold(<20) region and look to pivot
MACD shows bearish momentum intact; however as it begins to flatten, look for price to “wick” support in conjunction with flattening of MACD and pivot of stochastic.
Support and Resistance stand at 5600/6k//6400/6800.
BTC is currently a No Play.

Bitcoin Bull Is Taking Shape; Retracement Pattern Reveals Short-Term Upside Potential

Bitcoin continues to stay at sub-retracement levels as price action hangs in the high 6400 range. At the moment, BTC seems to challenge what looks to be the “bottom” on the daily scale. The flat bottom created by the last two daily candles show the same 6280 close then open on the very next candle which came back to take about 2/3 of the previous day’s price action back – a good sign if looking for any sort of bottom. BTC now seeks out 6800 resistance as 6400 is firm support and is now holding. The hourly scale shows price attempting to hold three things: support, the MA(moving average line), and stochastic momentum which we will cover in the tech specs.

Rogue* Wave Analysis shows that this leg down took just about the entire previous leg’s movement (leg up). This is a reversal sign, yes. However, there is some statistic relevance of one other item at hand which comes in the form of a pattern. The previous major bottoming, as shown here on the daily scale, produced an inverse head-and-shoulders. This double bottoming is now being challenged as price took a pivot here at approximately 6280. This is almost exactly the same place price has pivoted several times after a downtrend of some sort, short or long-term.
The tech specs begin to shed light on the case for bulls as well.
With the massive sell-off, retracement once again begins to take place.
Stochastic levels are looking to pivot up in the oversold region(<20) daily.
Hourly stochastic levels now begin their exit from this zone.
MACD readings are still negative daily, but this should be used as an exit tool at this time. A flattening should be seen soon if support continues to hold at 6400.
Support and Resistance stand firm at 6k/6400/6800/7200.
BTC is currently a hold. Buy can also be instituted.
Keep downside protections under support.
Futures Traders – trade the trend. The short-term trend is now long.