Bitcoin continues to test the upper bounds of recent price activity as US (CST) overnight trading has kept BTC action within tight trading range. With only about 100 point band, low volatility shows the topping process after a large run up from the 6k region in an almost perfect 5 wave-like fashion. This also adds to the importance that technically, BTC has given very little giveback for the previous mid-to-long term leg up.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-28-at-10.39.51-AM.png 641 1175 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-28 11:49:222018-07-28 11:49:22Trading Crypto: **Saturday: Does Bitcoin Have Any Bullish Momentum Left?
Price action has also achieved two important items for the week by holding the important 8k milestone support level overall and with this, breaking the long-term downtrend line that has held BTC in a consistent bearish momentum. This will be confirmed as a pivot into bullish territory longer-term as support continues to hold between 7800-8k(the downtrend line is sloping, giving a lower price point to hold on the upside daily).
As the 7800 support level was tested as predicted days ago, a low-volatility area with another likely test may form over the next 24 hours with BTC also testing the MA(moving average) line at the moment. Today will define more of how much bullish gas BTC has left before giving back some.
Stochastic levels now show a possible attempt to seek lower levels once again.
MACD has continued the downward momentum, and matched with lower volatility, will keep smooth downward price action other than small price increases because of the MA line.
BTC is currently a hold with downside protection under support.