Short-term scalping opportunity. Medium-term short.

17 Jul 2018

Bitcoin was bought back at 6,100 just as quickly as it was sold at 6,800 suggesting strong sideways bias within this 1D Rectangle pattern (RSI = 54.299), as the Channel Down broke. 1H should now aim towards the 6,350 Pivot (ADX = 41.635, STOCHRSI = 0) as the rejection at 6,771.0 (Engulfing bearish candle) can be considered the new Resistance rejection on the Rectangle. As long as the 6,820 - 6,897 Resistance zone is not crossed, then a short term scalping approach will be adopted, selling these levels with new shorts (TP = 6,200). For the previous two, the TP remains 5,617.40. Keep in mind that, as mentioned a while ago, the Monthly chart (RSI = 54.855, CCI = -10.6924, Highs/Lows = 0) suggests a "slow paced, low gradient decline over the summer period". So such consolidations will be a common factor on BTC during this slow downtrend and can be scalped for maximum profits in the meantime.