Trading Crypto: “An ultra-long bearish wick showing added downward pressure…”

Bitcoin overnight (US CST) brings almost no change as the price stays in the 6500 region with little change. After a battle with the 6600 area (shown yesterday), there has been no further attempt to break this line to the upside. 

Again, this is not true resistance but has provided a pivotal area for BTC in the overall bear market. The next resistance point lies at 6800. This level has also rejected BTC a couple of times now and will remain a hard point for BTC to pass.

As shown, BTC has had two equal highs – not a good sign for the bulls as the second one comes with the ultra-long bearish wick showing much added downward pressure. This one single candle also gave an immediate rejection of the 6800 area – a point that is crucial in seeing the long-term trend change for BTC. 

Otherwise, the next most crucial area down happens to come in two forms: the 6400 support area which is currently still maintained and the long-term bearish upper trend line. This line now stands at about 6300 as it is a sloping line.

Stochastic daily is still in the lower region, but the mid-term and shorter-term scales are looking for higher levels. This gives an indication of uncertainty in the market as the rejection of 6600 gives caution. Watch for this level to be broken again before re-entry short or long term.

MACD remains negative daily with the hourly scale looking to cross to the downside.

BTC is currently a No Play until upside break of pivot area at 6600, or lower support(6400) confirmation.