Bitcoin has officially faltered even further. The breakdown of BTC in US(CST) overnight trading has lead Bitcoin to one of it’s biggest red days in recent times. As shown, the daily chart’s downward action is clearly still in full bloom with BTC break major support including 7200 and 6800. Now trading at 6750, 6800 is being tested for a possibility of holding as support soon. Unlikely, but it is happening at the moment.
https://theicojournal.com/wp-content/uploads/Screen-Shot-2018-06-11-at-8.21.56-AM.png 645 1170 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-06-11 13:40:322018-06-11 13:40:32Look Out Below!! Bitcoin Support Still Murky; Be Careful Out There
What is more likely is that BTC seeks out the next support level down – at 6400. The 4-hour and hourly scale both indicate continued downward momentum with lower highs and lower lows absolutely confirming the trend. Additionally, there has been little-to-no retrace action from BTC either as the free will has had very little giveback.
The tech specs show that daily stochastic levels(along with the big red candle) are bearish as readings now seek oversold(<20) levels once again – and will get there.
MACD is now crossed to the downside and looks sharp enough to continue the bearish momentum.
BTC is currently a No Play.
Futures Traders- trade the trend. The short-term trend is currently short.