Bitcoin overnight (US CST) managed to re-test the 6400 support level once again – a sign that the struggle to go up inside of this short-term uptrend has presented itself. This is the second major test of this support level. Now as price trends sideways, BTC has begun to build something of a “sideways” trend channel. There are two things to keep in mind at this point. First, the Rogue* Wave target at 6800 has also been tested once already. Secondly, looking at the hourly scale(shown), BTC still trends up – even if slightly – with higher highs and higher lows technically. Neither a major support nor a price low or pivot from the privies legs in recent price action has yet to be broken. However, downside protection should still be placed underneath support.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-06-at-10.33.20-AM.png 648 1168 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-06 14:41:072018-07-06 14:41:07Trading Crypto: **Friday Afternoon: Sideways Trend Presents 'Scalping' Opportunity
The current Mid Risk BTC entry area has been at 6550 with a downside stop at 6350 considering a 6400 support break would be a new pivotal price break as well. Overnight trading also clearly gives a picture that this level held well so far, giving the channel an almost flat bottom which will likely seek resistance to test once again. Additionally, price is to meet the MA(moving average) line soon at about 6568 as of writing.
Let’s take a look at the tech specs.
Stochastic levels are somewhat sideways in the upper regions, and pivots on the hourly scale just show that there is standing buying power.
MACD is the real indicator of the day. With hourly, 4 – hour mid-scale and daily all showing positive momentum, the only indication of sell, in this case, would be the break of support and likely price point of 6350.
BTC is currently a hold.
Futures Traders – trade the trend. The short-term trend is sideways – use 15-minute charts to catch long calls if BTC looks to hold current levels.