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.
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.
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.
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!
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.
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.
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.
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.
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.