Bitcoin continues to test the 7k area today with pinpoint accuracy, touching the area on 4 occasions. Looking at BTC hourly, you can see how the drop so far has allowed MACD to only widen. The downward expansion seems to be stabilizing, yes, but looking at the 4-hour chart is a different story.
https://theicojournal.com/wp-content/uploads/Screen-Shot-2018-04-04-at-7.58.15-AM.png 677 1173 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-04-04 09:11:232018-04-04 12:42:56Trading Crypto: **Another Morning Update: Continual 7K Tests; MACD Widens
Bitcoin is in a bear trend, something you cannot forget. Therefore, this entire leg up could be a retrace leg. Just a few more hourly candles should tell which it truly is. For now, there is a massive dropping in stochastic on the 4-hour scale to be dealt with, and the 1-hour chart stochastic reading is playing with the oversold area. This is good for the 7k test the bulls are waiting for.
BTC is currently a WATCH. Confirm support.
Futures Traders- Confirm a short-term trend first. Sideways action is at play.