Bitcoin has been consolidating for a while now, boring most with very little movement. The recent activity of BTC has officially tested the first area of concern for bulls as it held the major downtrend line at 6250. After briefly breaking this point, BTC closed above in the same 4-hour time frame twice. The climb thereafter saw BTC test 6600 once again, only to be shot down immediately…thus leaving price in limbo since the morning trading session began (US CST).
https://theicojournal.com/wp-content/uploads/Screen-Shot-2018-06-14-at-10.48.21-AM.png 644 1175 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-06-14 14:06:302018-06-14 14:06:30Bitcoin Still Avoiding Technical Support Levels; Bears Are Winning!!
The overall trend long-term and mid-term is equally down, with confirmed lower highs and lower lows. The mid-term 4-hour scale shows this in a step-ladder like manner with the current level in consolidation. BTC is now testing support at 7400, and with no formal retrace lined up with technicals, this will be a tough test.
The tech specs show stochastic readings attempting to seek out overbought levels still(>80), however, the price has not come along with the buying as shown. This is a bearish sign as BTC may turn down once again if selling overpowers buying to turn stochastic readings negative.
MACD has crossed to the upside slightly, but make no mistake that this is not a powerful cross, just a shorter-term blip. Overall readings still negative. Confirm a trend change with pattern and support hold.
BTC is currently a No Play – needs solid support.
Futures Traders- trade the trend. The short-term trend is currently