Bitcoin now sits above support at 7200 as it trends a bit sideways. Not uncommon, it’s attempt to seek out 7600 resistance once again mid-term (shown on the 4-hour scale) is only plagued by the fact BTC maintained a recent higher high followed by the current short-term lower low. This would technically be a sideways trend, however, BTC holding the 7200 support area allows it to show a higher low* overall as the recent run-up from the 6k major support area shows. This maintains the overall shorter term trend long.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-07-21-at-8.51.42-AM.png 679 1171 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-07-21 10:36:322018-07-21 10:36:32Trading Crypto: **Saturday Morning: Downside Protection Is Key As $BTC Trades Sideways, But Don't Sell Just Yet
Rogue Waves show that BTC current trend can be continued if the current meeting of price and the MA (moving average: blue line on the current candle) can be broken and held on the upside as well. Thus far after the run-up, two retracement points have been shown for a couple of days now, with the first being a 1/3 retrace at the 7200 support area. The second is at 1/2 retracement which just happens to be the 6800 support area. Support and Resistance have played out perfectly and stand firm at 6800/7200/7600 – trading firmly on 400 point bands or levels.
With the current price floating in the 7300 range, there is skepticism as the long top wick created by the red candle in recent trading was met with a firm test of the 7200 mark. This is also the reason the sideways short-term trend can be dangerous, however, a hold of BTC is of importance unless this support level is broken.
Stochastic readings are bottoming as needed with a potential pivot at or near the oversold level (<20). This is in line with the higher low on the mid-term mentioned holding support.
MACD also remains negative at this time but seeks to cross to the upside as it is ticking positively.
BTC is currently a hold with downside protection under support.