Bitcoin is on the brink of testing the major trend line support area at 6400 as it continues to see red on the daily scale. After recently breaking out of the pennant pattern that had formed, the drop has seen the 7k region left in the dust as BTC now looks to test the lower 6k region. If this area does not hold as support on the daily scale(keep in mind that candle close* is important) then expect the 5k zone to be sought out next. 6250 is the where the trend line will meet price over the next couple of days.
https://theicojournal.com/wp-content/uploads/Screen-Shot-2018-06-13-at-10.59.46-AM.png 643 1170 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-06-13 13:57:312018-06-13 13:57:31Bitcoin Embraces Bear Market Trends, Dives Even Lower, 6,250 Support Must Hold
BTC additionally has consistent short-term bearish momentum as well, with very little retracement power and consistent lower highs and lower lows. This shows the downdraft is still in full swing as the selloff has not been contained quite yet, likely in order to reach and test the lower trend line. The tech specs show just that.
Stochastic readings are negative on the hourly, 4-hour, and daily scales as the oversold(<20) settings give way to higher volatility.
MACD continues to be negative on these scales as well, however, has slowed a bit.
The length of the legs has also decreased on the short-to-mid-term scale. This shows that there is potential for retracement at the minimum as trend legs(trend is down) are weakening. This is the time to watch support and resistance levels as solid support will allow for a change in direction and will allow BTC bulls to potentially build a base.
BTC is currently a No Play.
Futures Traders- trade the trend. The short-term trend is currently short.