Bitcoin travels lower as support still remains to be tested at 6800. After the overall 7200 break which was 1/2 of the previous leg up, 6800 now serves as a possible resting point. This is in conjunction with the tech specs that will show more of how the pivot can potentially give way to the continuation of the uptrend. At the moment, BTC trades in the lower 6900 region and looks to take out the previous lows from the weekend.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-08-06-at-12.14.19-PM.png 640 1173 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-08-06 15:42:012018-08-06 15:42:01Trading Crypto: **Monday Afternoon: Institutional FOMO Fails To Break Bitcoin To The Upside
This is also a bit of a length from the long-term upper trend line which needs to be held. This stands at 7505 today, and as mentioned several times, will continue to fall as time passes. This must be held at some point over the next few weeks in order for the overall uptrend to continue and hold the long-term trend bullish. Still, in the bear market, this line was broken short-term and gave the market a consensus the major pivot was complete. However, as Rogue* Wave Analysis showed over the last few weeks, a re-test of supports below the line(where price currently stands) was inevitable. This is natural with the wave pattern of BTC and any other item, as give back is part of the cycle. This brings us to the point of where the expectation of pivots should stand for the week.
Currently, BTC looks to meet the 6800 support level with a hard test. This is defined by the candle body closing within the range of the lower 6800 level. Since the soft test(maintained by a wick) came close, the continuation of BTC in an uptrend is still possible and statistically relevant, but keep in mind that those odds greatly improve with a hard test. This level also takes back more than 1/2 of the previous leg up, but still keeps BTC momentum up with a higher low.
Stochastic readings midterm are also bottoming and look to pivot. This is a good sign as price held proper supports in conjunction with this bottoming.
MACD levels are somewhat flat and give rise to the possibility of now pivoting back up if all else lines up. This is generally an exit tool but can be viewed as a “push” to pivots.
BTC is currently a watch with the potential of entry at or near 6800 support.
Futures Traders- trade the trend. The short-term trend is currently short, but pivot at bay so be aware of pattern to register a higher low on the hourly scale.