Bitcoin overnight trading (US CST) not only broke the upside of the flat top price range but also holds support firmly. 6400 support gives BTC reason to climb higher as the MA (moving average line) mid-scale also looks to meet the price. Today’s reading for the long-term bearish upper trend line also stands at 6126 – quite a distance from price action at the moment.
Rogue* analysis gave the downside region of 6250 as the point at which BTC would attempt to test short-term lows intraday. After achieving that point, the bounce came hard and fast.
The longer-term upside also has more substance as 6250 remains the longer term higher low* needed to achieve a bull run of any sort.
Stochastic readings continue to seek overbought (>80) levels as expected on the mid-scale.
MACD momentum remains bullish.
BTC is currently a hold with downside protection that should be carefully placed in the higher low* region of 6250 or slightly higher as this level being re-visited will likely break to seek new lows.
Futures Traders – trade the trend. The short term trend is currently long.
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