Bitcoin overnight trading(US CST) sees the formation of a mid-scale pennant formed as the lower trend line allows the price to hold the 6400 support level. Going from about 6100 to 6600 as shown, the 500 point upshot gives one issue to the bull case for BTC with the fact that this is currently considered a retrace move by taking back about 1/3 of the previous leg down. Considering the long-term trend is still bearish, the case for BTC to continue higher must come in the form of a consistent pattern showing higher highs and higher lows taking back more than 1/2 of that same leg. This comes with BTC seeking out the 6800 resistance level and beyond – a hard feat at the moment.
Bitcoin overnight trading(US CST) continues higher. The overall uptrend continues with higher highs and higher lows – a promising sign for the bulls. The low pivot at 6355 confirms the support pivot at 6360 in Rogue* Wave Analysis. This is an important note to make as this holds less than 1/2 of the previous leg up. The continuation of the trend also maintains through another minor pattern: a flag that was created hourly over the last day. BTC upside is to seek 6600 before hitting some form of resistance. However, keep in mind that the next true resistance point up lies at 6800. Support now stands firm at 6400.
Bitcoin continues to stay in the mid 6k region as overnight (US CST) trading keeps the 6400 support mark somewhat intact, the 6250 mark fully intact, and of course, the major 6k level held firmly. This is good news for the bullish cause at the moment with uptrend continuation risk lowering as higher supports hold. Currently, a new Rogue* Wave track is prevalent. There is some form of retracement taking place as two tracks are sought out – the first already being achieved at 6400 support. Overnight trading touched the second as the 6360 level was achieved with almost perfect accuracy at 6355 – a mere 5 points away. However, what truly counts at this time will be the candle close*. Over the next 12 hours, this indicator alone will give a proper reading of where the wave analysis stands and therefore slight breakage of the pivot area at 6360 should be expected.
Bitcoin remains in a tight trading range between 6200-6400 as overnight trading(US CST) sees little volatility as the 6400 resistance point is firmly rejected once more. This is the second time in the last three days this has occurred – pointing to bearish momentum at the moment. The rejection of the 6400 resistance mark still holds a slightly higher low point with the 6240 area holding as seen on the hourly chart. However, this is drawn down by the fact that the larger scale charts(4-hour/daily) still remain slightly bearish as well. The hourly momentum is more or less sideways as BTC decides whether to hold the 6250 mark that it did on the last downspout, and better yet the major 6k support level.
Bitcoin manages to maintain 6400 support by a thread a Friday night(US CST) trading bring little volatility. Price action mid-scale creates a miniature pennant on the mid-scale as shown, and the current momentum shows the struggle for BTC to continue to hold the 6400 support level. A breakout from this pattern will occur in one of two scenarios: Upside at 6550 and downside at 6250.
The first will entail BTC seeking retracement from the fallout – which on the daily scale, seems to be continuing lower. The second(downside break) will see BTC looking for the 6250 mark that held off new lows from being achieved in the last downslide. Considering this is the second such test in such a short span of time, this gives more weight to the fact that BTC is set to test new lows.
Bitcoin continues downward as US(CST) overnight trading fails to attain even the slightest actual retracement. Price action hit a high of about 6550 after bottoming and testing the 6400 support area in yesterday’s trading. However, this has now been compromised as a support level; current trading activity sees this readying to break as 6400 will now be a resistance point. The next support level down will be the major 6k level firm. This will also be a pivotal role for BTC; the 6k mark being held firm will supply BTC bulls with a higher low than the previous fallout. This will be needed in some way or form to turn the overall downtrend into a bull run as 2018 has sustained a predictable downward pattern.
Patience is a virtue in the game of trading and this month-long sideways price action for Ethereum tested every ounce of my patience. If you held true to the charts and stayed patient you should be sitting happy as ETH broke for a whopping 25% drop from 286 down to 211 just missing our first target by mere dollars(108). The question is though, is she done?
The fallout of Bitcoin over the last 24 hours is crystal clear. Peaking in the 7400 range, the Rogue* Wave Analysis called for a sell almost perfectly near the top as the struggle began to present itself. This came from the 3-wave pattern which included seeking the target area of 7400 to be completed.
Yesterday’s price action along with overnight (US CST) trading saw the breakdown of several key levels. 7200, 6800, and most recently, 6400 support have all broken with BTC continuing down to seek a low of 6302. In the span of 3 candles, as shown on the mid-scale chart, BTC gave a double test at this low with a second candle hitting 6303. The previous long-term low at 5858 has still not been challenged from the previous fallout, however, this also remains a higher low overall.
Bitcoin US (CST) overnight trading sees the topping process discussed for the last week come to life. Daily candle closes have topped near the 7400 mark, exactly where Rogue* Wave Analysis projected BTC price action to pivot at a minimum for retracement. Now trading at 7000, BTC struggles to maintain support as 7200 has broken and 6800 is in sight next. The downward momentum is now shown on the daily scale as the retrace calculation can now be shown to continue the uptrend.