Bitcoin Bulls Waiting For Next Leg Up; Technicals Urge Caution, Add Hope All At Once

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.

The previous leg up has been retraced to a 1/3 point at 7800, but this is also considered a “soft” test with the Rogue* Wave System as it was touched by a wick and not candle close. The uptrend continues with a pennant pattern as well, and overnight trading produced a flat top with candle close and one long wick which produced the 150 point trading range which would have otherwise been flat.
Stochastic readings continue to meander a bit to the point that it can be thought of as an attempt to seek overbought (>80) levels once again, but the range it has been moving in has still not produced any significant price movement.
MACD momentum is still negative but flattening, which gives more reason to believe that an upside movement is at bay.
BTC is currently a hold with downside protection near the 8k mark.

Trading Crypto: **Saturday: Does Bitcoin Have Any Bullish Momentum Left?

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.

Price action has also achieved two important items for the week by holding the important 8k milestone support level overall and with this, breaking the long-term downtrend line that has held BTC in a consistent bearish momentum. This will be confirmed as a pivot into bullish territory longer-term as support continues to hold between 7800-8k(the downtrend line is sloping, giving a lower price point to hold on the upside daily).
As the 7800 support level was tested as predicted days ago, a low-volatility area with another likely test may form over the next 24 hours with BTC also testing the MA(moving average) line at the moment. Today will define more of how much bullish gas BTC has left before giving back some.
Stochastic levels now show a possible attempt to seek lower levels once again.
MACD has continued the downward momentum, and matched with lower volatility, will keep smooth downward price action other than small price increases because of the MA line.
BTC is currently a hold with downside protection under support.

Ethereum Remains In A Tight Trading Range; But Technicals Are Starting To Turn Bullish

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.

Diving into the H1 chart we see we have bounced off a MED term trend line that has been acting as a good day trading support area and made trading very predictable. Looking at the indicators we see the H1 STOCH is severely topped off and needs to cool down. We do not have any bear div on the H1+ but we see it present on small time frames. This leads me to believe we have one more up-move after a small consolidation. In order to enter a long, we must let STOCH reset while price finds support around 460-464. After confirmation we will look for H1 BEAR div to form in order to exit our positions as we had H1 BULL div to break us up, now we look for the bear to counter. You could also set aim for 475-480 range for an exit on longs. A break and close of an H4 candle below 460 invalidated the bull case.
For the bears, the only thing I see is in the H4 chart we have the RSI starting to run off a bit as the price has not kept up. Taking a look at the H4 chart you will notice a hidden BEAR trying to form. What needs to happen to invalidate the hidden BEAR is the price must break previous H4 swing high of 484. Breaking that even by a whick invalidates the hidden bear.
LONG term I’m starting to feel a little bullish but we must have a WEEKLY close above the vital 470 rage. A close of 470+ will throw us over the 8 WMA and so far a close over the 8 WMA on the W1 chart has garnered promising results.

Bitcoin Support Holds At 7,800; Next Level Up Could Test 10,000

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.

After the quick touch of 7800, the next leg up continues to seek to highs. However, keep in mind that 7800 was not actually hit perfectly, which is one negative aspect of the leg. The retrace leg down, as discussed yesterday, maintains 1/3 of the previous leg up. This gives way to another leg calculation with upside seeking 9600. This also takes into account that the long-term trend of BTC will remain bullish and seek (potentially) new highs. The 8k level holding as solid support is a reminder that the continuation of the trend is now possible. Look for the pattern to confirm the trend with continued higher highs and higher lows.
Stochastic levels now look to pivot in lower regions mid-scale, and daily stochastic sits in the overbought(>80) but “ultra volatile” zone that allows bigger price moves.
MACD shows continued upward momentum, and using the daily scale as this point will give a more clear view of any slowdown.
BTC is currently a watch for entry closer to 8k
Holders- use downside protection below support.
Futures Traders – trade the trend. The short-term trend is currently long.

BITCOIN BULL: Technicals Begging For More Volume As Support Holds; Does BTC Go Higher?

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.

For example, the 8k level is a major support area. If it cannot be broken, there is plenty of room for upside movement and continuation of the short-term trend up, which in turn, will produce the long-term bull run the market has been waiting for. This will be the next test. As shown on the mid-scale, BTC likely looks to retrace as there has been little to no giveback. Rogue Wave* Analysis shows the projection which remains the same as yesterday, which stands at 7800 for a 1/3 retracement of the previous leg up.
The tech specs continue to push for bullish movement even with the low volatility currently being experienced. Stochastic levels have dropped considerably without much bring price along for the ride. Now looking to be at about 40, the lower region pivot(whenever that may be) may likely provide BTC with another run up if* support continues to hold.
Support and Resistance levels are 7600/8k/8400.
MACD shows downside momentum, but again without the price drop. Hence, there is elevated risk as short-term downside should be expected. Watch your supports.
BTC is currently a Sell for buyback lower with support confirmation and price pivot.
For those holding – set the stop below support.
Futures Traders – trade the trend. The short-term trend is currently sideways(15-minute scale) but can be expected to remain short for the retracement period. Confirm pattern always before entry.

Bitcoin Technical Analysis: Consider Taking Profits, Retracement Looks To Offer Better Entry Points

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.

Rogue* Wave Analysis shows how the extended inverse head-and-shoulders came to break price to its current levels and give BTC a bull run trend chance as it broke the upper bounds of the downtrend. Now, BTC must aim to hold proper support and stay above previous lows. As 8k currently stands as the next support down, danger still lurks as this is just a stone’s throw away from the current price that looks to retrace. Yes, sometimes price must retrace, and this may be a good point.
As stochastic is overbought (>80) on every scale and the MA (moving average) line has pushed BTC to its limits several times, it now seeks to find lower levels once again by leaving this zone. This would be a solid take profit point as Rogue* Waves shows two scenarios: First that BTC could retrace to 7800, and second would be the 7200 level. Not only do these serve as solid supports, but are both less than 1/2 of the previous leg up and would allow BTC to give a proper test for the continuation of the trend up. The best scenario would be a reset of the long-term trend line support.
MACD looks to cross to the downside, and trading has slack.
BTC is currently a Sell with opportunity for buyback lower after a retracement.
Futures Traders- trade the trend. The short-term trend is currently short.

If Bitcoin Tests And Holds 8k Support, Expect Even More Upside (when moon sir?)

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.

As resistance to the upside was clearly broken at the 8k mark, the attempt by BTC to hold higher prices will also be challenged by today’s Rogue* Wave Analysis. This shows the 8400 level giving hard resistance as well as the next resistance point up, and even more pressure at 8600 as this was a major pivot area for BTC. Additionally, the inverse head-and-shoulders pattern that BTC made the turnaround with at the bottom sees the pattern complete at the current level. Look for the long-term trend line to be tested now and support levels to hold.
Stochastic mid-term as shown sits in oversold levels as the climb continues. However, BTC has historically seen high volatility in these levels after large moves – especially pivot moves. The continuance of price all depends on the trend holding firm with support.
MACD shows momentum still positive
Today will also mark an important day for the current leg up as calculated by Rogue* Wave Analysis: If BTC can hold at or near 8k on the daily* candle close*, this will be more than 1/2 of the previous leg down which is classified as an official break of the trend down. This can be challenged over the next few days as well, so be aware of this.
BTC is currently a hold with downside protection under support
Futures Traders – Trade the trend. The short-term trend is currently long.

Ethereum Bearish Trend Is Confirmed: “Inclined to say down will be the direction we take…”

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.

Diving straight into the H1 chart we notice some things. We are in a clearly defined order block as we can’t seem to break over or below this area. We rest on support but also sit under a lot of resistance. Picking a winner here is guesswork but I am more inclined to say down will be the direction we take.
The reason I say this is because ETH broke below the up-trend line again but in order to confirm this break down we need at least one solid bear candle close under the line or a series of H1 candle closes below.
The H1 STOCH is pretty low so we can expect an attempt at the trendline again. After confirming a break down we can look to short into the next uptrend line I have here; the target is red.
In order to sustain a bullish outlook, we must close over the trend line again and break back over resistance, a close of 470 will open up a 480 target from days before. If we manage to reach 480 we will look to go SHORT.

Trading Crypto: **Monday Afternoon: Bitcoin On The Knife’s Edge, Could Break Big To The Upside

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.

The current leg up, as mentioned, has made an extended run as the inverse head-and-shoulders pattern created and played out last week found it’s target endpoint. However, considering the bull run and continued upside price action which found yesterday’s call to be ineffective, BTC is now hitting the hard challenge point with long-term resistance. Caution should be effectively placed at this level with fairly tight stops for those in the market.
Support and Resistance stand at 7200/7600/8k.
BTC is currently a hold for those in – no new entries to the market still. Wait for support confirmation once again once the long-term trend line is challenged.
Futures Traders- trade the trend. The short-term trend is currently long; again, watch for possible pivot of the long-term trend line at 7700.

Bitcoin Ran Last Week, But Sluggishness Plagues Current Technicals

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.

Mid Scale shows BTC forming what looks to be an expanding megaphone pattern that seems to hold price within the boundaries fairly well at this point. The upside was tested today at the 7516 price level specifically and shows a hard bounce off of the upper trend line as shown. The downside happens to stay very close to the 7200 support line as well, and considering the giveback that BTC may likely follow suit with, this line is likely to be tested once again. The pattern also comes after a large leg up, so a break below will test the 1/2 retracement of the previous leg up at 6800 level which also happens to be the next firm support level down.
Stochastic readings now in overbought zones(>80) also look to give back by seeking lower levels across the board as the short, medium, and long(daily) term charts show.
MACD continues to stay negative and in fact, just crossed to the downside on the hourly scale.
This is all in conjunction with the likelihood of BTC seeking the MA(moving average) line on the daily scale.
BTC is currently a Sell/No Play until confirmation of support and retracement pivot.