Bitcoin continues to trend down for the month of May. By continuing to put in mid-term lower highs and lower lows. BTC officially sought out 8400 support, which it has in recent hours broken as well to seek 8k – the area given as a Rogue* Wave pivot point since last week.
https://theicojournal.com/wp-content/uploads/brown-bear-attack-1024x640.jpg 640 1024 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-05-14 08:45:432018-05-14 08:59:37Bitcoin Seeks Downside Support; Technicals Look Bearish To Start The Week
BTC hourly continues to sit in the overbought zone in which stochastic levels sit in the volatile less than 20 area. This usually brings bearish price movement along with it(or on any time scale). Considering the daily chart is in this zone as well, even with a cross to the upside, this is a bearish sign. However, all of this could be cancelled out with the close above 8400 for Bitcoin, which would hold as strong support. However, right now, it has yet to do so and struggles to maintain the climb.
As pressure mounts to test the 8k level, it must be noted that according to the current Rogue* Wave, there is a likely scenario in which BTC actually seeks to test the 7800 area. This was an area that was rigorously tested in mid-April.
The tech specs show how this could occur, especially when looking at the 4-hour scale.
Stochastic readings here show that BTC could essentially take BTC for the dive that would seek at least 8k as it is sharply on its way down to oversold(<20) levels once again, and absolutely will get there.
MACD is currently negative hourly, mid-scale (4-hour chart), and daily
BTC is currently a No Play. Support confirmation needed.
Futures Traders- trade the trend. The short-term trend is currently short.