Bitcoin stays in a tight trading range and remains flat as Saturday night(US CST) trading allows price to maintain a “pennant-like” pattern once again. This seems to be becoming the norm when it comes to BTC. At the moment, 8k major support continues to hold as the MA(moving average) line is still challenged. The last 8 hours or so have held price levels to maintain a 150 point or so trading band. The low volatility brings many speculators to question whether BTC has momentum left to the upside, and taking a look at the tech specs should give a gauge as to what can be expected for the upcoming week.
Bitcoin continues to test the upper bounds of recent price activity as US (CST) overnight trading has kept BTC action within tight trading range. With only about 100 point band, low volatility shows the topping process after a large run up from the 6k region in an almost perfect 5 wave-like fashion. This also adds to the importance that technically, BTC has given very little giveback for the previous mid-to-long term leg up.
Ethereum has still been in a pretty tight trading range. Trading for anything but day traders and scalpers have been a wreck. Extremely tough but it looks like ETH is finally coming to a point of major decision making. Squeezing into an apex by a long-term uptrend line and a long-term downtrend. We all saw what BTC did when we broke the long-term downtrend line. So with that let’s get into what Ethereum has in store for us in the next 24 hours.
Bitcoin has made a long run up in the last week, and with that comes the downfall. The question is how much – which is essentially still mapped out with the Rogue* Wave system. As price levels show today, the 7800 support level was lightly tested with a quick touch at 7815. This would be a good lower buyback point as yesterday’s sell issue remains a solid exit strategy for those that have been speculating daily for incremental gains. However, the holders seem to be keeping well within bounds as BTC continues to hold 8k support.
Bitcoin in US (CST*) overnight trading has more or less stalled as the last 24 hours have seen low volatility and standard issue topping with technicals lined up. However, the key here is the fact that it has continued to hold highs. Now trading at 8215, short-term lower high looks to have formed on the mid-scale, however, this could be the next pennant pattern if the MA (moving average) line continues to hold the price at recent highs. This will be even more clear as BTC shows how it intends to hold support, or at what level.
Bitcoin has broken the long-term upper trend line which held BTC in a complete downtrend for the entire year 2018. Now trading at 8200, not only is the trend line (as shown) on every scale broken to the upside, but support holds firm at 8k. This is also the first time since May that BTC has traded in the 8k region. The importance of this is also seen in the way BTC broke through, which came with almost zero givebacks.
Bitcoin continues with strong upward momentum in US (CST) overnight trading as speculation drives BTC to break the long-term trend line. This line (top dotted line) shows the downward trajectory that BTC has sustained perfectly within its bounds since last year after peaking near 20k. Now looking at a solid test of this line, BTC trades at 8180, holding the 8k solid support area. This will likely be retested as well considering this is about the area that the long-term trendline converges with the price. A hold above this line will solidify BTC’s attempt to turn a long-term bear market into a raging bull. This coincidentally collides with much chatter about BTC ETF’s getting clearance for possible retail use fairly soon.
Ethereum has been really choppy these past few days in trading but we managed to play the chop pretty well. For inexperienced traders and swing traders, it was a nightmare but day traders had a field day. Now it looks like ETH is trying to break down and away from all the bullishness BTC has.
Bitcoin continues higher as the upside trend line of yesterday’s expanding megaphone pattern has been broken. The price point break at roughly 7535 shows the extension of the current leg as it seeks out the ultimate endpoint – the 6700 endpoint.
This is by far the most important and pivotal point for the year as this remains the long-term bearish trend line for BTC. This has been active the entire year for BTC (sloped) and has held well. Today, at exactly 7700 (7706 is the hard challenge point previously made) this will be the biggest test for BTC. A close above this line and continuation up with support holding at 7600 then 8k firm will allow BTC the chance to turn the long-term trend bullish.
Bitcoin has reached a point that is difficult to beat: continued upside after a quick bull run. Resistance on the upside at 7600 has given a hard point at the top, even as BTC continues to hold 7200 resistance firmly. Volatility stays at an average level with a short period of 100 plus point moves but maintains a 7300 to mid 7400 range consistently. After through Rogue* Wave Analysis and technical assessment, there are several things to consider with price movement over the next 24 hours.