Bitcoin maintains support and continues to keep a hold on the fallout from getting worse in US (CST) overnight trading. Currently, at about 7100, BTC held the 6800 support level for the second time in the last week. This shows the attempt to continue the uptrend as multiple angles give light to bullish pressure – namely the tech specs. The pattern is still down with lower highs and lower lows, but there is a reason to look for a possible change soon for entry points long. With the 6800 hold of support for a second time, look for the hourly chart to register a higher low*. This will allow the pattern to seek a higher high (or the same high at least). In other words, at least things aren’t getting any worse.
https://abacusjournal.com/wp-content/uploads/Screen-Shot-2018-08-07-at-7.57.21-AM.png 644 1171 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-08-07 11:03:532018-08-07 11:03:53Trading Crypto: **Tuesday AM: “Well, it isn’t getting any worse…”
Overall BTC still sits at a higher low from the larger scale previous leg up. The daily scale is actually holding price from a soft break of support, a bullish sign. A soft break is defined as the wick of a candle break support, which stands at 6800.
Let’s take a look at the tech specs:
Stochastic readings show overbought levels (>80) keeping a hold on the uptrend, but it would be far more efficient (especially with a pivot) to see the higher low registered with a stochastic drop first. Look for the hourly scale to do just that and seek levels somewhere at or near the oversold(<20) region once again. Daily scale now looks to cross under 20.
MACD hourly has positive momentum, but today’s daily candle will be the first time a positive tick has occurred in well over a week.
BTC is currently a watch – pivot play is high risk without pattern confirmation, however, look at hourly for the higher low if attempting to do so.
Futures Traders- trade the trend. The short-term trend is long. Minor retrace at bay.