Bitcoin now continues to stay flat after a few days of fallout. The downtrend, now still active, needs to see a new short-term high made. Daily price movement shows that BTC has struggled to push higher, but remains above the major 6k support level. The breakdown of this level will, as discussed earlier in the week, seek 5200 as the overall downtrend large-scale is still active. The upper trend line of the overall bearish movement was briefly broken, but as time goes on, this line gets much further away.
https://theicojournal.com/wp-content/uploads/Screen-Shot-2018-08-12-at-12.52.22-PM.png 642 1170 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-08-12 14:59:012018-08-12 14:59:01Bitcoin Remains Squarely In Bearish Territory; Downside Support Stands At 5,200
Rogue* Analysis details the active leg down as taking back the entire move of the previous leg up, categorizing every level (short/mid/long) fully down with lower highs and lower lows. This is also an indication that it is more likely that BTC seeks a new low at the moment. However, this can be countered by BTC holding the major 6k support and look at the mid-scale (4-hour chart) to attempt a high and a higher low*.
Stochastic levels continue to stay in the “extreme” zone of volatility at the peak or trough of a leg, in this case at the bottom. They remain in oversold (<20) conditions with the smaller scales struggling as well.
MACD shows continued bearish pressure on the daily scale. Still negative, this is a pure sell or No Play signal.
BTC is currently a No Play – look at the altcoin market for smaller, consistent gains until confirmation of upside is made in conjunction with BTC holding 6k support.