Bitcoin has been trending down overall, and now continues ints downtrend to complete the Rogue* Wave Analysis that sees it head toward its final target at 7800. This is just a hair away from 8k support, which has not been reached yet, however be sure that it will test support once again. The 4-hour and daily chart have both turned bearish on the technical side once again, but this is to be expected if BTC is truly trying to pivot into an uptrend once again.
https://theicojournal.com/wp-content/uploads/970D1932-C011-4CFC-886A-35930B0F939D.png 647 1171 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-05-16 10:56:572018-05-16 10:56:57Bitcoin: Expect The Trend To Continue Lower; Support at 7,800
BTC briefly attempted to challenge the 8800 mark which served as hard resistance, and after a couple bounces at this level, the technicals were ready for release as well. As BTC now seeks to test support, be weary of how support holds. Candle close* is very important for support tests. Be sure to also confirm any trend change with a higher low. These tools will confirm that the downdraft has stopped.
Looking at the tech specs, BTC hourly is still in a struggle as stochastic readings meander a bit sideways and take sharp turns with big price moves. Again, this is part of the support test which BTC will achieve without a doubt.
The 4-hour and Daily scale show stochastic readings getting ready to bottom, however this is usually where volatility kicks in.
MACD is negative on the bigger scales, and hourly looks to cross, if even for only a short period.
BTC is currently a No Play. Support confirmation needed first.
Futures Traders- trade the trend. The short-term trend is short.