Ethereum Price Action Weakens After Short Run; Possible Short Position Entry

Ethereum has been in a recent uptrend after posting fresh lows in June but is showing signs of weakness. Will the uptrend continue or have we already maxed out our bullish run.

Yesterday night ETH gave many signs to exit near the swing high as every small time frame was showing bearishness and the H4 STOCH was really topped off. Today ethereum is in a downtrend again but this may or may not be the beginning of the continued descent to 350. Diving into the H1 chart we see the STOCH bottomed out while price to have seemed to have found support. The STOCH shows signs of hope for the bulls as this may allow them to have enough momentum to break over the black downtrend and hold for 2-4 H1 candles. If Ethereum is able to do that we could set to enter near the blue line and targets for the long are in green.
The RSI, however, tells a different story. RSI is seeming to match price action and that tells me the decent has more room to fall. The H4 STOCH looks nasty as its coming straight down with no signs of a pivot yet. I’m in favor of short again until we test the previous swing high. So in order to short we want to look for price action to stall at the black downtrend line again with the H1 STOCH topping out again if we get both of those we can look to enter the short near the top of the bounce. A safer entry could be found after confirmation of breaking and rejecting our most recent uptrend line shown in the chart. Targets are in red for shorts and green for the longs, I am in favor of short and will place stop near blue.
Remember to always use good risk management.

Bitcoin Technicals Tell A Story; Short Term Sell, Longer Term Uptrend

Bitcoin has finally made a short-term jump to create a solid foundation above the 6k level. After heading up and breaking 6k, the 6400 resistance level was broken to become support once again. The Rogue* Wave pattern, as discussed yesterday, was fully deployed as the first leg up creating the higher high with the bounce off of 6400, then gave the 1/2 retrace leg to create the higher low. The pivot area left the gap open for entry at 6325 (roughly) and allowed for a 300 point run as an exit strategy would have made for a solid trade.

That leaves BTC at another point now. As BTC trades at just below 6600, it is just 200 points away from hard resistance at 6800 again. BTC has previously had some price resistance at the 6600 level, which is why a retrace is likely at this point. Currently, the downdraft has taken back 1/3 of the previous leg up, however, the 1/2 retrace point is more likely and would be a better fit for a continuance of the short-term uptrend with a higher low. This would be registered at 6450, which is basically another test of the 6400 support level.
The next leg up would likely seek out a challenge on the 7k mark – if 6800 resistance can be broken.
Stochastic levels hourly are attempting to pivot, however lower levels are still possible.
MACD indicates the uptrend still intact hourly, and the larger scales continue to have bullish momentum -especially looking at the daily chart.
BTC is currently a Sell short-term
Longer Term: Hold as uptrend is active
Futures Traders – Trade the Trend. The short-term trend is long

Bitcoin Price Action Creeps Past Resistance Levels; But Long Term Trend Remains Negative

Bitcoin in US (CST) overnight trading performs as expected with a breakout from standstill levels. After reaching new recent heights by breaking back above 6k and then 6400, BTC now solidifies that post at it holds 6400 as support along with the major support level at 6k. The pullback after the first run up was completely made whole as the first Rogue* Wave retracement point was also hit, just shy of about 20 points. The initial target was at 6240, while yesterday BTC managed to briefly take the 6260 mark. This is 1/3 retracement of the previous leg up, a confirmation of a higher low in conjunction with a wave completion. Additionally, the drawdown was held to a minimum during the last day’s selloff, which indicated that buying power has held strong and continues to drive BTC to seek out the next level of resistance at 6800.

Keep in mind that support and resistance levels still stand at 6k/6400/6800/7200.
As stochastic shows on the mid-scale 4-hour term(shown), the pullback was matched with about a 1/2 pullback in stochastic levels that showed BTC would not immediately break down has these levels reached oversold(<20) territory.
Additionally, MACD levels show a continued rise as they are still positive, even as they neutralized. This is also the reason this indicator should be used mostly for an exit strategy, not to deal with entries.
BTC is currently a hold. A stop should be marked below support as long-term trend is still down, even with current momentum being positive.
Futures Traders- Trade the Trend. The short-term trend is currently long.

That Bitcoin Spike Now Just Looks Like A Higher Low As Bear Trend Continues…

Bitcoin continues to attempt to stay in the 6k mid-region as the weekend moves on. Currently trading at 6300, support now lies at 6k next with hard resistance at 6400. The recent breakdown over the last several hours, mainly US (CST) overnight trading has led price to remain stagnant for the most part. Now seeking a retracement point, the two options pointed out yesterday still remain for BTC to find a pivot base. 6240 and just below at about 6120 remain.

The retracement so far on the 4-hour scale as shown seems to be striving to hold the MA (moving average) line, however, has recently broken slightly below. This is a natural part of the process to seek out a retracement pivot, and should not be seen as a continuance of the bear trend – yet. To confirm, you must see at least half of the previous leg taken back, and at the very least the 6k mark broken to the downside once again. This is confirmed with the candle close*.
Rogue* Waves continue to show that most of the price action breakout from the pennant several days ago is now looking to make a higher low. This can be judged by taking a look at the tech specs as well.
Stochastic on the mid-scale (4 hour, shown) now seeks lower levels as It exits the overbought region(>80). There is pressure for the price to follow suit, however, it needs to be noted that a pivot point must not be broken, and especially the 6k mark for a trend change at this point.
MACD has also been weakening, but levels are still positive and only barely slowing at the moment.
BTC is currently a hold/sell(med risk) for a buyback at a lower price.