Trading Crypto: **Monday Afternoon: Bitcoin Remains In A Tight Trading Range, 8k Support Continues To Hold

Bitcoin now seeks to maintain upper levels with an additional test of the 8k major support area. This level has been broken on the mid-scale as shown by a long bottom wick but looks to potentially hold as massive buys bring BTC price action back quickly.

 

Today’s price action shows BTC attempting to hold mid-scale pennant pattern. Rogue* Wave Analysis shows any upside potential to seek out 9200 resistance next with pattern break. Upside pattern break of the pattern at 8250, downside break stands at 7850 – a 400 point range. This range has been held quite well over the past week. Watch for 8k support to hold or be broken at this point by candle close, likely to be shown in today’s trading.

Support and Resistance stand at 7600/8k/8400. The current pennant lower boundary lines up close to the 8k support level – making it even more important as the price breakout is at bay. Additionally, the MA(moving average) line now sloping downward seeks to meet price near 8126 – a push that could see price action give back even more gains. This is a reason to place any downside protection under support, or just below the 8k level to protect continued downdraft. As stochastic levels have been trading in-between overbought(>80) and oversold(<20) without clear breaks of extreme areas, this is also where volatile bursts of price within short periods will occur. MACD readings continue to stay negative, with histogram growth to the downside.
BTC is currently a watch as a downside break could give a hard re-test of the 7800 pivot level. Upside break pre-set entries should stand above 8250(pattern break)
Futures Traders – trade the trend. With pennant break at bay – no trade scenario until the pattern is confirmed short-term again.