Bitcoin breaks out of the mid-scale pennant that formed over the last week in overnight(US CST) trading. While not quite a volatile break, the upside still moved every so slightly above the 6600 pivot mark – an area that has been of concern for the last week as the battle of the bulls and bears has raged on. This has been shown by BTC both struggling to see 6800 resistance but also holding the 6400 support level by a distance of more than 150 points.
As the mid-scale uptrend is still intact, the overall bearish tone continues to be challenged as the long-term bearish upper trend line remains broken and held on the upside. BTC must now make a new short and mid-term high in order to keep bullish momentum intact without breaking down any further. So far, BTC has maintained a higher low on the mid to long term with the retrace that holds 1/2 of the previous leg up* (breakout leg that saw 7800 high).
Price is also set to meet the MA (moving average) line today on the mid-scale which is coupled with the fact that stochastic readings are seeking the overbought (>80) region.
MACD momentum remains positive with slightly bullish movement at this time.
BTC currently remains a hold. Downside protection should be at the 6520 region or lower dependent on risk tolerance.
Futures Traders – trade the trend. The short-term trend (15-minute scale) is currently long.
The post “The uptrend is still intact, bearish tones continue to be challenged…” appeared first on Abacus Journal – Cryptocurrency News.