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.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-01-at-9.56.39-AM.png 646 1177 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-01 12:57:322018-07-01 12:57:32That Bitcoin Spike Now Just Looks Like A Higher Low As Bear Trend Continues…
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.