Bitcoin has trended down overnight, but continues to be up overall on the larger-scale. BTC hourly made a new low in the last 24 hours or so, however it has maintained 9200 support. As of right now, it is challenging this level. BTC is trading at about 9150, which is dangerously close to giving a downside break more chance as it holds below the 9200 support area. This is something to watch close.
Trading Crypto: **Tuesday: Watching BTC Support Levels Closely!
BTC on the 4 hour scale is still in an uptrend as well – only needing to be watched at the 9200 level again as this will be very important on the larger scale. Rogue* Wave pivot at 9200 is still active, but a break below will still activate the larger-scale Rogue* Wave pivots given yesterday. Support and resistance are playing major roles at this point as it could be pivotal for Bitcoin. If BTC is truly retracing the entire previous leg up, there will be more support levels broken. This is the track that was generally planned from BTC seeking out 10k, and with BTC hitting 9990, being 10 points shy of the overall price target could have seen the recent high. Only support and resistance holding in the next 24 hours will tell.
The tech specs are currently bullish overall as well.
Stochastic on the 4-hour scale has taken a pivot down, but overall seeks to find the overbought levels(>80) once again.
MACD is also still negative, which needs to see neutralization into positive upswing to see the next level sought out.
The next level up for BTC is 11200.
BTC is currently a No Play. Confirm support first with hourly stochastic seeking upside before any entries.
Futures Traders- Trade the trend. The short-term trend is short – however, again, watch support levels carefully as they are being tested.