Bitcoin now trends slightly sideways on the short-term scale as US overnight(CST) Trading shows a tight range of about 100 points. Now still in consolidation, BTC continues to stay within the bounds of the larger-scale pennant, as shown on the 44-hour scale. Currently, at about 7600, BTC is now testing support. With support and resistance numbers at 7200/7600/8k, BTC now looks to thoroughly test support in its efforts to continue upward.
https://theicojournal.com/wp-content/uploads/Screen-Shot-2018-06-09-at-11.15.08-AM.png 637 1165 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-06-09 12:38:172018-06-09 12:38:17Bitcoin Sideways Movement Is Putting Everyone Asleep; But Technicals Portend Opportunity
Looking at the chart, it can clearly be indicated that there has been a struggle as the top break of the pattern is flat and upside potential beyond that break is the 8k level – a major milestone. BTC is still consistent with higher highs and higher lows, and until a new low is formed there is still potential for the uptrend to seek out greater milestones. However, the downside can be seen in some of the tech specs.
Stochastic readings now look to seek oversold levels(<20) once again. This may drag the price down just enough to break new lows. If the price can sustain, there will be great upside potential thereafter. Look for stochastic to bottom out and cross under 20.
MACD readings show some bearish movement as well, and considering that the daily chart is at a tipping point, the downside risk is high and therefore should be protected.
Downside protection remains at 7360.
BTC is currently a hold.