sumastardon

Bitcoin: BTCUSD Stops need raising to protect weekend gains

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Update
Don't want this to turn over here now before China opens
but it could do without some buying power from 7460 level
to hold it up and then propel it through to a new high.
Want to protect gains by raising stop to just under 7450 on
at least half the position, if not all, according to risk profile.
Ideally it will trade sideways between high and 7460 and
then China could arrive to propel it substantially higher.
However it will need that power to take it higher from here.
So just in case it doesn't arrive, and it can only be deemed
50/50 chance in reality, we should protect the 400 points
made so far this weekend just in case the Chinese don't
come in to keep momentum going.
Also need to remain aware of just how high this has risen
and therefore just how low it could fall when buying power
wanes again. probably back to 6312, if not to 6165. If it
does we need to be flat and ready to buy again from lower
down. If 7450 gives way day traders will step in on short
side with stops above 7460 looking to drive prices lower still.