Bitcoin has been in a struggle to maintain the highs from the recent bull leg run up over the past few weeks and is now consolidating to give back some of the gains. This is to be expected. The current leg that reached 9700 levels did manage to break below the 9200 mark which has held as solid support and seeks out 8800 support next. The daily chart shows this momentum to the downside, which is displayed for you.
https://theicojournal.com/wp-content/uploads/os4bth7ojkevfm1aulxp.jpg 445 750 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-05-01 10:00:292018-05-02 07:41:13Bitcoin Breaks Lower - Plunges Below 9,000 In Quick Retracement (charts)
Rogue Wave Analysis has also allowed the mid-long-term scope of BTC to be seen on the daily chart with the first pivot point at 8696 and the second at 8911. Regardless, momentum is shown to be down with the recent spinning top candle after the large green daily candle. This spinning top’s close* coincided with the next red day’s open. Downside momentum has absolutely taken the stage at this point.
The tech specs show exactly this as well.
MACD is ticking down negatively and seeks to cross to the downside as well.
However, the major issue is the movement in stochastic, which has left the overbought(>80) zone to seek out oversold(<20) levels once again. It is also doing this at a very sharp angle downwards and will likely drag price along with it soon as the price has lagged this indicator. Historically, the big price moves will be seen more so when stochastic reaches lower levels and brings volatility.
Support and Resistance numbers stand at 8000, 8400, 8800, 9200
BTC is currently a No Play. Conserve Capital – watch for supports to be tested.
Futures Traders – trade the trend.
The trend is short: Look for short-positions.