Bitcoin has managed to stay in consolidation mode for the past twenty-four hours and continues to do so. Staying between 7200 support and 7600 resistance, BTC has managed to keep the losses at a minimum for the last 12 hours by trending higher on the minor scale(15 minutes or less) and has attempted to keep steady with the moving average line. Now, a new opportunity for upside is present.
ETH has been in a major downtrend over the past few days plummeting by 25% in 4 days.
There were obvious reasons to short from that point 4 days ago as we broke under a major uptrend line and were rejected by a major downtrend line from March at the same time.
Target would have either been the next uptrend line or a 1:1 ratio of the previous downward wave. Ethereum gave us yet another short set up as we broke under and was rejected by the trend line.
Ethereum has given us no reason to go long as we still cannot get over the red downtrend line.
Bitcoin has struggled to maintain the 7600 level and continues to do so. At the moment, support lies at 7200, the overnight (US CST) trading session allowed the 7300 region to be hit. However, this is NOT true support. BTC continues to hold this level by showing candle closes above. The hourly, 4-hour chart and daily are all attempting bullish movement on a small scale, and therefore 7600 resistance should be tested over the course of the next several hours. However, the official trend is still down, and mid-term looks to be sideways.
Bitcoin has broken all bounds and continues downward with the break of 8k support, and now 7600 support. So far, there has been almost no giveback, with the hourly scale struggling to even break upward against the MA(moving average) line. As candle close* is important here, clearly BTC has struggled to maintain 7600 as support as well, which currently acts as resistance instead. The next level down for support is 7200, which was briefly tested with a wick but not closed upon quite yet. Support and Resistance Levels continue to stand at 8k/7600/7200/6800.
Bitcoin has been trending down and continues to do so in a systematic manner. After travelling down to the 8250 mark after testing 8400 resistance, the hard bounce led BTC to break below the belt and seek out its current resting place at 7800. This is an important mid-to-long-term mark as well and held solid during the last couple of hours. So far, the 4-hour scale clearly shows the downside break as a continuance of the trend over the last several days as BTC still struggles in its quest to find support.
Bitcoin has struggled in the last couple of days as it tries to maintain a higher low from the previous week of trading. BTC in US(CST) overnight trading has broken down hourly to take back more than 1/2 of the previous leg up, a cancellation of trend considering this is viewed as the pivot point of the downtrend. Hence, downtrend still active until we confirm that higher low with candle close* and stochastic pivot firm.
Ethereum ended up breaking down since the last chart was posted. We called for us to short if the most recent up trend was broke and rejected which was clearly seen. ETH actually ended up reaching both short targets.
Bitcoin now trends a bit sideways when looking at the 4-hour scale, which gives a scope of mid-term price action. Trading in the past 12 hours has been very tight, with about a 200 point range, and a follow-along of the MA(moving average) line. Momentum is slightly skewed to the upside with BTC holding 8k support firm as of now. However, an upside break still has yet to be seen as BTC has been challenging 8400 resistance since the 16th of May. A true break means holding this area as support.
Bitcoin has been in a downtrend overall for the month of May but is attempting to make a turnaround. However, it seems to be stuck in between 8k support and 8400 resistance. US(CST) overnight trading showed just that, as yesterdays 8k support hold allowed BTC to seek out 8400 once again. The hourly candle close* did struggle at the previous test to hold this level, and the last several hours showed the same for BTC. The close just barely below 8400 gives an indication that the struggle continues.