Trading Crypto: Bitcoin Price Action Can’t Figure Out What To Do With Competing Headlines

Bitcoin remains in a tight trading range between 6200-6400 as overnight trading(US CST) sees little volatility as the 6400 resistance point is firmly rejected once more. This is the second time in the last three days this has occurred – pointing to bearish momentum at the moment. The rejection of the 6400 resistance mark still holds a slightly higher low point with the 6240 area holding as seen on the hourly chart. However, this is drawn down by the fact that the larger scale charts(4-hour/daily) still remain slightly bearish as well. The hourly momentum is more or less sideways as BTC decides whether to hold the 6250 mark that it did on the last downspout, and better yet the major 6k support level.

Rogue* Analysis shows a couple of items that justify this sideways momentum. Stochastic levels on the hourly scale do seem to be seeking oversold(<20) areas once again but maintain the dotted trend line that is slightly inclined. On the other hand, the mid-scale shows stochastic levels now seeking higher levels – an indication that the bears and bulls are now in a tug of war. Pattern to confirm the trend remains flat as without consistency the overall risk remains high. BTC needs either new short-term highs to break 6400 or risk visiting the 6k level once again – a much higher statistic at this point.
BTC is currently a No Play.
Futures Traders- trade the trend. The Short-term trend is sideways – No Trade scenario as risk is increased until pattern/trend continuation confirmed.