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.