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.

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.