Trading Crypto: **Friday Morning: Weak Hands Not Welcome Here, BTC Looks Headed Lower

Bitcoin had some price action in U.S. overnight trading, and not the type that most are looking for. Fortunately, my ‘Rogue Wave Analysis’ has been consistently right. Overnight, BTC came to see the 6650 floor projected by actually bouncing off of 6630. You read that correctly, and if you have been following you would have seen that projection prior to the “pennant” pattern being broken to the downside which I have displayed.

On the hourly scale, BTC touched that 6630 level before going all the way up to 7k and briefly entering the 7200 area and finally retreating back to its current state in the 6900-7k region.
That being said, watch for support at the 7k area. There could be a buying opportunity only if support holds here. The downside is that there is still more downside.
Taking a look at the tech specs, you can see BTC trying to seek that 7k level again with some trouble, and considering the target to hit before setting your sights long is about 7125, it’s going to be a tough battle. The bearish side comes into play if BTC attempts to seek out the 6650 target zone again as this would likely mean it seeking a new all-time low mid-to-long-term.
BTC is currently a WATCH for support. U.S. Futures Exchanges closed today.