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.
https://abacusjournal.com/wp-content/uploads/shutterstock_497337487.jpg 710 1070 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-08-04 22:05:052018-08-04 22:05:05Could We See A Bitcoin 'Bounce' In The Next 48 Hours? Technicals Sending Us A Signal
What needs to be seen from BTC is consistency in the form of higher highs and higher lows, which isn’t the case at the moment. The pattern is still down, and BTC remains in the red on the short-term. When giving weight to the tech specs, a couple of things still stand that gives BTC a solid grounding to continue upward.
Stochastic levels are almost bottomed on the daily scale, with movement in the lower regions for the short/mid-term scales as well. Look for a pivot in these areas to match with the daily movement of stochastic as well.
MACD continues to give downward momentum, however, this indicator needs to be seen as an exit strategy, not an entry tool. This remains true until there is confirmation of support and pattern on the shorter scales.
BTC is currently a No Play. Short-term entries at hand are considered high risk as minimal gains are to be expected and any trades entered long is against the short-term trend.