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.
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.
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.
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.