Bitcopin Update Saturday 08:45gmt 03:45est
So far the low this weekend is 8223, a couple of points below
the next near term downside target at 8225. Bitcoin is now
counter-rallying back to test the upper parallel at 8330-8350
and should come off again from here and from 8392 at highest
before falling away to 8155 and ideally then to a low around
7946 on Coinbase before making a meaningful rally.
To eascape the downtrend earlier than this Bitcoin has to
break above 8392 and hold up there on the retest. That looks
unlikely at present but we still need to be prepared for it just
in case a reversal occurs earlier than curently anticipated.
Bitcoin Coinbase Weekend Forecast Friday 22:38gmt
This feed had to break below 8660 and the lower parallel to
trigger next short which it did before rallying back up to
break level, exceeding it by 11 points before falling away
again. It's now testing the support line at 8400 which is
previous structure highs.
Although it should put a fight here for a while and can rally
back tot the upper parallel again it should fall away again
later.
Can close out the short here and re-enter on a fall below
8370. It should fall away in stages then to 8225, then 8155
and perhaps finally to a 7946 low.
On the upside Bitcoin has to break above the parallel
controlling the upside to get any near term respite from the
bears .
So far the low this weekend is 8223, a couple of points below
the next near term downside target at 8225. Bitcoin is now
counter-rallying back to test the upper parallel at 8330-8350
and should come off again from here and from 8392 at highest
before falling away to 8155 and ideally then to a low around
7946 on Coinbase before making a meaningful rally.
To eascape the downtrend earlier than this Bitcoin has to
break above 8392 and hold up there on the retest. That looks
unlikely at present but we still need to be prepared for it just
in case a reversal occurs earlier than curently anticipated.
Bitcoin Coinbase Weekend Forecast Friday 22:38gmt
This feed had to break below 8660 and the lower parallel to
trigger next short which it did before rallying back up to
break level, exceeding it by 11 points before falling away
again. It's now testing the support line at 8400 which is
previous structure highs.
Although it should put a fight here for a while and can rally
back tot the upper parallel again it should fall away again
later.
Can close out the short here and re-enter on a fall below
8370. It should fall away in stages then to 8225, then 8155
and perhaps finally to a 7946 low.
On the upside Bitcoin has to break above the parallel
controlling the upside to get any near term respite from the
bears .
Comment:
Bitfinex Chart Update
Bitstamp Chart Update
Comment:
Bitcoin Coinbase
Shorts need to watch this now - it's falling back down the underside of the upper dynamic but so far holding near the lows.
if it's going to try for a break higher it will hold here at 8262 and at lowest at the 8225 line.
Hopefully most will have closed out at 8225 earlier already and are now ready to short again on a break below 8220 here or potentially even to buy again on a break and hold above 8392 .
Until it can achieve and whilst trapped within the downtrend defined by the dynamics (for once not parallels) Bitcoin is still vulnerable.
However at some point this weekend we are likely to see the upper dynamic broken above, hopefully from lower still but not necessarily so. It should create a green candle of bear closing which may then develop further - day traders can follow but know by now the volume rules. If none comes behind you and you are long on the first break of the dynamic get ready to close back out. Or wait for a break and hold of 8392 in the alternative
Shorts need to watch this now - it's falling back down the underside of the upper dynamic but so far holding near the lows.
if it's going to try for a break higher it will hold here at 8262 and at lowest at the 8225 line.
Hopefully most will have closed out at 8225 earlier already and are now ready to short again on a break below 8220 here or potentially even to buy again on a break and hold above 8392 .
Until it can achieve and whilst trapped within the downtrend defined by the dynamics (for once not parallels) Bitcoin is still vulnerable.
However at some point this weekend we are likely to see the upper dynamic broken above, hopefully from lower still but not necessarily so. It should create a green candle of bear closing which may then develop further - day traders can follow but know by now the volume rules. If none comes behind you and you are long on the first break of the dynamic get ready to close back out. Or wait for a break and hold of 8392 in the alternative
Comment:
Good Green One
Just in time !
Either stay long for now or buy the next dip
Just in time !
Comment:
Bitcoin Coinbase Update 13:48gmt 08:48est
Although the levels have been OK so far this has not really been called very well from a trading pov since the intitial break of the dynamic.
Should have suggested buying the dip rather the break above 8570 really. Sorry for that .
So far we have not seen any volume worth speaking of and Bitcoin is hanging around as US wakes and hoping for a push higher from there.
How often do we see a high around 13:30 gmt/08:30est and 15.30/10:30est?
And in absence of such support arriving this will fall away again, though only down to the lower parallel, towards the 8500-8473 range before it starts to rally again.
But for now it's still a buy dips market - that only changes if 8470 is broken below later today.
For Bitcoin updates in real-time this weekend please see link at top-left of main page
Although the levels have been OK so far this has not really been called very well from a trading pov since the intitial break of the dynamic.
Should have suggested buying the dip rather the break above 8570 really. Sorry for that .
So far we have not seen any volume worth speaking of and Bitcoin is hanging around as US wakes and hoping for a push higher from there.
How often do we see a high around 13:30 gmt/08:30est and 15.30/10:30est?
And in absence of such support arriving this will fall away again, though only down to the lower parallel, towards the 8500-8473 range before it starts to rally again.
But for now it's still a buy dips market - that only changes if 8470 is broken below later today.
For Bitcoin updates in real-time this weekend please see link at top-left of main page
Comment:
15:20gmt 10:20 est
In the absence of any US interest Bitcoin has touched the 8660 line and fallen away to the 8473 line where it's rallied.
It has to hold here (stops below if long) .
Any break below 8470 will flip it back to 8343 for a 115 points.
If day trading this long again suggest raising the stop right under it - otherwise leave under 8470 ready to reverse short if broken .
This is so lame again now....Unlikely to attract much buying interest unless the upper parallel from the high is broken above ...it's stuggling here.
Catch you later.
Be careful if long now
In the absence of any US interest Bitcoin has touched the 8660 line and fallen away to the 8473 line where it's rallied.
It has to hold here (stops below if long) .
Any break below 8470 will flip it back to 8343 for a 115 points.
If day trading this long again suggest raising the stop right under it - otherwise leave under 8470 ready to reverse short if broken .
This is so lame again now....Unlikely to attract much buying interest unless the upper parallel from the high is broken above ...it's stuggling here.
Catch you later.
Be careful if long now
Comment:
Bitcoin Bitfinex Chart Update
A fairly active overnight session has seen Bitcoin move up to highs around midnight gmt, then down for 6 hours to and then back up again, forming a fairly sketchy triangle as it moves through time.
The last move down (green arrow) was corrective in pattern with 4 small waves down before it hit the lower dynamic of the triangle before rally again.
This move down from the most recent peak at the 8486 line is 2 tiny waves down so far.
Interest is so low now that it's basically flat-lining.
There is no trade until we see a break unless playing inside the triangle which is getting trickier and trickier as the minutes tick away.
But we are getting closer to a resolution now.
It's a buy again on on a break above 8510 for a rally to 8630 - 8681 range. It then has to break above 8690 to trigger a second long up to 8835-8881 range.
On the downside it has to break the lower dynamic of the triangle to trigger a short back to the 8219-8200 range.
At all costs 8200 must hold up today on any retest - failure to do so will flip Bitcoin back into bear territory again back to 8022 initially and then to the 7817-7738 range.
We may be stuck with 100 or so point trades if volumes stay low today so don't push things unless we see a volume kick behind us to keep positions open for a little longer.
Bitcoin Bitfinex Closer
Bitfinex Chart Bigger Shot
Bitcoin Coinbase Chart Update
Bitcoin Coiunbase. Closer
Bitcoin Bitstamp Chart Update
Bitstamp Bigger Picture
A fairly active overnight session has seen Bitcoin move up to highs around midnight gmt, then down for 6 hours to and then back up again, forming a fairly sketchy triangle as it moves through time.
The last move down (green arrow) was corrective in pattern with 4 small waves down before it hit the lower dynamic of the triangle before rally again.
This move down from the most recent peak at the 8486 line is 2 tiny waves down so far.
Interest is so low now that it's basically flat-lining.
There is no trade until we see a break unless playing inside the triangle which is getting trickier and trickier as the minutes tick away.
But we are getting closer to a resolution now.
It's a buy again on on a break above 8510 for a rally to 8630 - 8681 range. It then has to break above 8690 to trigger a second long up to 8835-8881 range.
On the downside it has to break the lower dynamic of the triangle to trigger a short back to the 8219-8200 range.
At all costs 8200 must hold up today on any retest - failure to do so will flip Bitcoin back into bear territory again back to 8022 initially and then to the 7817-7738 range.
We may be stuck with 100 or so point trades if volumes stay low today so don't push things unless we see a volume kick behind us to keep positions open for a little longer.
Bitcoin Bitfinex Closer
Bitfinex Chart Bigger Shot
Bitcoin Coinbase Chart Update
Bitcoin Coiunbase. Closer
Bitcoin Bitstamp Chart Update
Bitstamp Bigger Picture