Bitcoin: BTCUSD Still trying to make its escape even now
Bitcoin: BTCUSD
The big lower parallel came to Bitcoin's rescue and gave as good reason as any to close out shorts from here...but it
didn't quite hit the line perfectly, which was then lying at 12028 - the low of the day was in fact 12050 - so quite close,
22 out, but no cigar. If you managed to get out and switch long close to the lows you therefore did really well. We were
then looking to switch long to 12480 for about 400 points - but should have stayed much longer (in hindsight) as Bitcoin
went on to rise by another 700 points or so. Not good. But OK in tricky conditions.
Right now Bitcoin is busy hammering out a little flag with 2 strikes on the lower line. If this can hold up and not revisit
the lower parallel now Bitcoin will stand a chance of another temporary escape - but to do so it will have to break above
12987. Only then would it worth risking a long for 500 points to 13480.
On the downside the lower small parallel of the putative flag formation has to hold up at all costs now to stop Bitcoin
falling away to 12301 -12255. If this then fails it will fall at least back to the low at 12050 and more likely lower still to
11923 and to the big lowest parallel at any selling extreme.
At all costs the lower big parallel must continue to hold this decline or it will go into a bigger tailspin. And should it fail
and then 11090 fail to hold at any point over the weekend it will tip Bitcoin further into very negative territory, forcing
price lower still, to 10486 to start with and then, once this fails back to 8342.
The big lower parallel came to Bitcoin's rescue and gave as good reason as any to close out shorts from here...but it
didn't quite hit the line perfectly, which was then lying at 12028 - the low of the day was in fact 12050 - so quite close,
22 out, but no cigar. If you managed to get out and switch long close to the lows you therefore did really well. We were
then looking to switch long to 12480 for about 400 points - but should have stayed much longer (in hindsight) as Bitcoin
went on to rise by another 700 points or so. Not good. But OK in tricky conditions.
Right now Bitcoin is busy hammering out a little flag with 2 strikes on the lower line. If this can hold up and not revisit
the lower parallel now Bitcoin will stand a chance of another temporary escape - but to do so it will have to break above
12987. Only then would it worth risking a long for 500 points to 13480.
On the downside the lower small parallel of the putative flag formation has to hold up at all costs now to stop Bitcoin
falling away to 12301 -12255. If this then fails it will fall at least back to the low at 12050 and more likely lower still to
11923 and to the big lowest parallel at any selling extreme.
At all costs the lower big parallel must continue to hold this decline or it will go into a bigger tailspin. And should it fail
and then 11090 fail to hold at any point over the weekend it will tip Bitcoin further into very negative territory, forcing
price lower still, to 10486 to start with and then, once this fails back to 8342.
Comment:
stops for longs at 12950 or just under for 150-00 or so maximum loss if struck from here
