Bitcoin Believers Are Getting The ‘White Knuckle’ Treatment; Technicals Aren’t Providing Any Relief

Bitcoin overnight (US CST) has attempted to keep a hold on support @ 6400 as lower volatility has finally brought the fallout to slow down. BTC started the month by breaking below 8k and testing the 7800 pivot level(not support) and then actually seeking out support at 7600. After slowly laddering down through 7200, BTC sought and broke 6800 only to find the 6400 settlement area at which it currently stands. BTC did break down to the 6178 briefly but saw a quick rebound. The current state of BTC will provide an outlook as to the retracement which is more needed today than ever as the long-term upper trend line gets further away as time passes.

Rogue* Wave Analysis shows that this leg down retracing all of the previous legs’ gains is now officially a warning sign of a potential continuation of the downtrend, statistically speaking. Now overextended, the mid-term leg down from is now over-extended as well. The group of the last few candles also show upward pressure with some wicks attempting to hold price action from dropping.
The tech specs show just this:
Stochastic readings now pivot in the oversold(<20) region to seek out higher levels once again. The daily chart shows a bottoming as well.
MACD mid-term is now also looking to cross to the upside, a needed boost for BTC to seek out resistance at 6800 once again.
BTC is currently a buy/hold short-term. Downside protection should now be placed under support at 6400.
Futures Traders – trade the trend. The short-term trend is currently long.

Breakdown: Bitcoin Technicals Push Lower, Volatility Picks Up, Sentiment Turns ‘Extra Salty’

Bitcoin now falters once again as supports break down and price action falls below the 6800 support level. BTC now sees 6400 tested, and with volatility and fast-paced price action, BTC tests this level quickly before bouncing to try and regain some of the losses.

The big piece of information that should be taken away at this point is the entire track of BTC and how it pertains to Rogue* Waves as well. After BTC had it’s run to break the upper trend line and hold above it, there was an expectation that a brief break back below was coming. However, when that break occurred, several other items also followed.
First, the major supports were tested and broken, the 1/2 pivot area at 7200 was broken more easily than 7600. Then came the downdraft than saw 6800 tested and broken even faster. This brings about the point that not only has most of the previous leg up been retraced at this point, but the previous lows seem to be statistically more relevant now.
However, there is a bit of light, if only some. BTC has hit a hard wall with 6400 support at this level played a key role earlier this year. If the overall uptrend is to continue, this area – at most the 6k mark, should serve as long-term support. This will be tested throughout the next 24 hours.
BTC is currently a No Play – needs support and trend confirmation.
Futures Traders – trade the trend. The short-term trend is currently short(looking to find support – be aware of potential short-term change via pattern)

Ethereum Scalpers May Get A Shot To ‘Hit The Bid’ Over The Next 24 Hours!

Ethereum has consolidated within a tight range and we are nearing a breaking point. It has been a fun few trading days for day traders but swing traders may finally get a chance at some action too.
Diving into the H4 chart we notice we have formed a BEARISH DIV, this can also be seen on a few other high time frame charts. With the H4 STOCH running into some trouble and with my original W1 target of mid-upper 300’s this seems like a very likely scenario. A break above 415 will eliminate this call and we can look to flip positions on a high time frame close above this pivot point. Targets are shown with a long idea as well. Upon arrival of our targets, we will look for confirmation of bullish divergence to enter positions. A secondary shelf of support is shown but would worry me dropping that low as it will breach a very important trendline.
Remember to always use stop-loss protection and practice good risk management.

Trading Crypto: **Tuesday AM: “Well, it isn’t getting any worse…”

Bitcoin maintains support and continues to keep a hold on the fallout from getting worse in US (CST) overnight trading. Currently, at about 7100, BTC held the 6800 support level for the second time in the last week. This shows the attempt to continue the uptrend as multiple angles give light to bullish pressure – namely the tech specs. The pattern is still down with lower highs and lower lows, but there is a reason to look for a possible change soon for entry points long. With the 6800 hold of support for a second time, look for the hourly chart to register a higher low*. This will allow the pattern to seek a higher high (or the same high at least). In other words, at least things aren’t getting any worse.

Overall BTC still sits at a higher low from the larger scale previous leg up. The daily scale is actually holding price from a soft break of support, a bullish sign. A soft break is defined as the wick of a candle break support, which stands at 6800.
Let’s take a look at the tech specs:
Stochastic readings show overbought levels (>80) keeping a hold on the uptrend, but it would be far more efficient (especially with a pivot) to see the higher low registered with a stochastic drop first. Look for the hourly scale to do just that and seek levels somewhere at or near the oversold(<20) region once again. Daily scale now looks to cross under 20.
MACD hourly has positive momentum, but today’s daily candle will be the first time a positive tick has occurred in well over a week.
BTC is currently a watch – pivot play is high risk without pattern confirmation, however, look at hourly for the higher low if attempting to do so.
Futures Traders- trade the trend. The short-term trend is long. Minor retrace at bay.

Robinhood To Coinbase: ‘Get Rekt, We Keep Beating You To The Punch!’

Robinhood continues to be a serious thorn in the side for Coinbase and its ability to corner the US-based retail crypto client. Free trading, adding coins monthly, adding users as a massive clip, and doing it at an ever increasing valuation. All while Coinbase tries to keep up and announces new executives like newly listed tokens.

It is a legit rivalry and Robinhood has fully embraced it. Need proof? They just intentionally announced the listing of Ethereum Classic hours before Coinbase did as a provocative poke in the eye.

The efforts made by Robinhood to include ETC come in light of Coinbase’s similar announcements. Last week, Coinbase stated it was in the final stages of testing for the new cryptocurrency, reporting that ETC would be made available on August 7th.

**However, the announcement outlined that this new listing would only be accessible for users with Coinbase Pro and Coinbase Prime accounts and that ETC trading would not go into effect immediately.

Robinhood has been expanding its services on a state-by-state basis, gathering the necessary licensing to operate in each region. Earlier this year, the company started in four states; California, Massachusetts, Missouri, and Montana, later expanding to 19 with Georgia and Iowa joining most recently.

The trading platform has continued to increase the number of supported cryptocurrencies available to users. At present, Robinhood traders can work in Bitcoin $7100.80 +0.31%, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and now Ethereum Classic.

The platform is also capable of tracking market data for 10 other cryptocurrencies — which suggests eventual integration into the platform. For now, users simply need to add these digital assets, which include Zcash, Stellar, and Moreno, to their watchlist.

The smaller, commission-free Robinhood has tried to maintain its competitive edge by introducing ETC trading before its competitor. It is important that the company continues to garner interest from crypto-buyers and traders.

In June, when Coinbase went public with its plans to support ETC, the value of ethereum classic rose 23% in less than 24 hours. At the time, it was unknown if the company would honor ETC credits to those who did not withdraw their tokens before Ethereum’s hardfork. Now the company has officially stated only those with Pro and Prime accounts will receive a credit since ethereum was not supported until after the fork.

All the while crypto enthusiasts enjoyed the rivalry ‘pump’ yesterday as $ETC bounced nearly 15% in one day. Any and all bagholders rejoiced and enjoyed the short-lived respite from a year-long alt-coin bear market. For just a day the crypto ‘salt’ subsided and crypto portfolios got a breather!

 

Trading Crypto: **Monday Afternoon: Institutional FOMO Fails To Break Bitcoin To The Upside

Bitcoin travels lower as support still remains to be tested at 6800. After the overall 7200 break which was 1/2 of the previous leg up, 6800 now serves as a possible resting point. This is in conjunction with  the tech specs that will show more of how the pivot can potentially give way to the continuation of the uptrend. At the moment, BTC trades in the lower 6900 region and looks to take out the previous lows from the weekend.

This is also a bit of a length from the long-term upper trend line which needs to be held. This stands at 7505 today, and as mentioned several times, will continue to fall as time passes. This must be held at some point over the next few weeks in order for the overall uptrend to continue and hold the long-term trend bullish. Still, in the bear market, this line was broken short-term and gave the market a consensus the major pivot was complete. However, as Rogue* Wave Analysis showed over the last few weeks, a re-test of supports below the line(where price currently stands) was inevitable. This is natural with the wave pattern of BTC and any other item, as give back is part of the cycle. This brings us to the point of where the expectation of pivots should stand for the week.
Currently, BTC looks to meet the 6800 support level with a hard test. This is defined by the candle body closing within the range of the lower 6800 level. Since the soft test(maintained by a wick) came close, the continuation of BTC in an uptrend is still possible and statistically relevant, but keep in mind that those odds greatly improve with a hard test. This level also takes back more than 1/2 of the previous leg up, but still keeps BTC momentum up with a higher low.
Stochastic readings midterm are also bottoming and look to pivot. This is a good sign as price held proper supports in conjunction with this bottoming.
MACD levels are somewhat flat and give rise to the possibility of now pivoting back up if all else lines up. This is generally an exit tool but can be viewed as a “push” to pivots.
BTC is currently a watch with the potential of entry at or near 6800 support.
Futures Traders- trade the trend. The short-term trend is currently short, but pivot at bay so be aware of pattern to register a higher low on the hourly scale.

Could We See A Bitcoin ‘Bounce’ In The Next 48 Hours? Technicals Sending Us A Signal

Bitcoin tonight (US CST*) breaks bounds as 7200 support breaks on the daily scale and tests the second Rogue* Pivot area. This zone was marked as the second pivot point, however, has been broken for the time being as price now seeks the next support level down at 6800. This is more than 1/2 of the previous leg up, but candle close* will be effective in giving a better picture as to the future potential of BTC maintaining the current uptrend. Overall, the long-term trend line stands at 7550 today, and the trend for the day remains down.

What needs to be seen from BTC is consistency in the form of higher highs and higher lows, which isn’t the case at the moment. The pattern is still down, and BTC remains in the red on the short-term. When giving weight to the tech specs, a couple of things still stand that gives BTC a solid grounding to continue upward.
Stochastic levels are almost bottomed on the daily scale, with movement in the lower regions for the short/mid-term scales as well. Look for a pivot in these areas to match with the daily movement of stochastic as well.
MACD continues to give downward momentum, however, this indicator needs to be seen as an exit strategy, not an entry tool. This remains true until there is confirmation of support and pattern on the shorter scales.
BTC is currently a No Play. Short-term entries at hand are considered high risk as minimal gains are to be expected and any trades entered long is against the short-term trend.

BITCOIN BULL CASE: Technicals Offer Hope To Bulls, Price Action Snorts At Bears

Bitcoin continues in its quest to hold the long-term upper trend line as shown yesterday. Taking a look at today’s daily chart, BTC can clearly be seen attempting to hold 7600 (which remains the boundary today as well) as it held the line as of yesterday’s candle close* with 7606. This has allowed BTC to keep intact with an uptrend so far that seeks to potentially give a market reversal from bear territory to bull once again after a rough year.

Rogue* Wave Analysis also gives light to the bull case. Even in the current 7500 range, BTC is still a bit distant from the 7200 retracement pivot area, which is 1/2 or 50% of the previous leg up. This maintains the overall uptrend, though breakage of the long-term upper trend line will have to occur, if only briefly if this level is hit. However, this is a reasonable retrace area as it allows for proper giveback after such a large buy influx.
Stochastic readings continue to seek oversold(<20) levels. This downspout will continue to draw price down on the mid-term and daily scale to seek proper giveback if the uptrend is to continue. Allow this level to pivot in the oversold region in conjunction with support holding on the price chart.
MACD readings have now crossed giving no indication of slowdown just yet.
BTC is currently a No Play – needs support and multiple pivots to confirm continuation of the uptrend. Risk level high as overall trend must be confirmed.
Futures Traders – trade the trend. The short-term trend is currently short.

Bitcoin Price Action Faces Critical Test; Will Support Levels Be Held Or Broken?

Today is a big day for Bitcoin in several ways. To begin, it will mark the first time the long-term upper trend line will be tested as support. BTC surpassed this level in the last week, giving hope to the bulls for a long-term trend change. Thus far, BTC has performed even better than expected.

 

However, what goes up must come down, and considering yesterday kicked off the start of BTC’s retracement, today will allow price action to really test the upper trend line. With Rogue* Wave pivots marked, you can see in clear view how recent price action look to synchronize with the previous legs as volatility kicks in.

BTC created the previous leg up over the span of 10 days, peaking at about 8500. This was held only briefly, and as the Rogue* Wave Pattern has shown, began to seek out retracement points. Over the last 3 days, BTC has taken a downhill path quickly by seeking out the first retracement area at 7800. Now below this point, the next area at 7200 is the 1/2 retracement target of the previous leg up. Be sure to watch the candle close*.
Stochastic gives a solid reading now with overbought(>80) levels seeking oversold(<20) at high speed and near-perfect downward movement. Look for a pivot in these lower levels to match with support being made.
Support and Resistance Stand at 7200/7600/8000/8400.
MACD readings also now look to cross mid-term and will seek a new short-term low as support.
***Additional high-value item: Look at the long-term upper trend line that is to be tested today. It perfectly stands at 7600, and a short-term break is likely. However, this must be held for the long-term trend to be bullish.
BTC is currently a No Play.
Futures Traders – Trade the Trend. The short-term trend is currently short.

Trading Crypto: **Monday Afternoon: Bitcoin Remains In A Tight Trading Range, 8k Support Continues To Hold

Bitcoin now seeks to maintain upper levels with an additional test of the 8k major support area. This level has been broken on the mid-scale as shown by a long bottom wick but looks to potentially hold as massive buys bring BTC price action back quickly.

 

Today’s price action shows BTC attempting to hold mid-scale pennant pattern. Rogue* Wave Analysis shows any upside potential to seek out 9200 resistance next with pattern break. Upside pattern break of the pattern at 8250, downside break stands at 7850 – a 400 point range. This range has been held quite well over the past week. Watch for 8k support to hold or be broken at this point by candle close, likely to be shown in today’s trading.

Support and Resistance stand at 7600/8k/8400. The current pennant lower boundary lines up close to the 8k support level – making it even more important as the price breakout is at bay. Additionally, the MA(moving average) line now sloping downward seeks to meet price near 8126 – a push that could see price action give back even more gains. This is a reason to place any downside protection under support, or just below the 8k level to protect continued downdraft. As stochastic levels have been trading in-between overbought(>80) and oversold(<20) without clear breaks of extreme areas, this is also where volatile bursts of price within short periods will occur. MACD readings continue to stay negative, with histogram growth to the downside.
BTC is currently a watch as a downside break could give a hard re-test of the 7800 pivot level. Upside break pre-set entries should stand above 8250(pattern break)
Futures Traders – trade the trend. With pennant break at bay – no trade scenario until the pattern is confirmed short-term again.