Bitcoin stuggled over the last several hours, with price seeking to test resistance levels and never making it there. That being said, BTC is now testing support levels, an even worse situation considering holders of the cryptocurrency(and likely the entire crypto market) are looking at a major point in the life of Bitcoin.
https://theicojournal.com/wp-content/uploads/1-38.png 817 1422 Rogue Trader /wp-content/uploads/logo-header.png Rogue Trader2018-04-01 09:02:142018-04-01 09:02:14Trading Crypto: **Sunday Morning: All The Signs Point To Lower Bitcoin Prices; No Play
BTC is now testing the lower boundaries of the short-to-mid-term channel it has been wandering in for the last couple of days. This has, in the last few hours, left BTC in a struggle to hold the lower boundary of support @ 6600.
This will be an important test for BTC. Not being able to hold this support level will allow BTC to seek the 6k level again, and if breaking that, to seeks new lows for the year. As of right now, this has not happened yet.
Taking a look at the tech specs, we can see how MACD, although ticking positively, is still sloping downward and keeping price near the area of support. Stochastics is showing a turn to go back down, and at this point, could be very dangerous if it drops below 20 as this is the “volatile” price zone for BTC that allows big price moves to kick in.
The last time this price area was tested was February of this year, and it provided a pivot point for BTC only to see it make its way all the way back down over the last 7 weeks or so. Now, a break below this area seems more of an important statistic than before, considering the daily BTC chart is showing completely bearish movement. Confirming a support level right now is quite urgent for BTC.
BTC is currently a No Play.