Bitcoin Update
A very quiet day for Bitcoin...a little break into new highs, a continuation pattern lasting 10 hours of stultifying price
action and then a break higher, which is being chased higher in China.
Still no sellers around though. So it pushes higher. Continuation patterns tend to last 5 or 6 hours, this last one
was longer than usual but the break has been steady. Hope you spotted the pattern here...not a regular well defined flag
or parallel but look at it: left shoulder, head, right shoulder: an inverted/reverse head and shoulders (so another
continuation pattern to add to the list, to study and remember for ever) with the small dynamic resistance line at
the top of the chart forming the neckline/break-point. The minimum upside target following breakout is 12,092, only 50
points away as this written. Another 260 points or so, if touched. The break today was slow coming - like fishing can
be too - we have to learn patience and recognise that when Bitcoin goes into a continuation pattern it takes 5 to 6 hours
usually to straighten out again and sometimes 10. This is the nature of the beast. We cannot let ourselves get tired by
waiting though, becasue just when you think it's never going to break higher, it does. It's Bitcoin. Stay with it. Day traders
can draw a support line right under the lows of this run from 11166 on a 1 minute chart to determine a near term exit.
* Sorry to desert post today - busy in meetings that took all day and most of night...new Crypto funds starting up ahead
of futures trading starting in Bitcoin on December 18 - Bitcoin gets more respectable with every passing day.
Soon everyone will have a Bitcoin desk or risk being left behind, and getting labelled old-fashioned.
Except for Jamie Dimon of course. Mr Dimon may be a stopped clock, but he could yet be proved right. One day.
Until then, every other day, he's wrong though.
A very quiet day for Bitcoin...a little break into new highs, a continuation pattern lasting 10 hours of stultifying price
action and then a break higher, which is being chased higher in China.
Still no sellers around though. So it pushes higher. Continuation patterns tend to last 5 or 6 hours, this last one
was longer than usual but the break has been steady. Hope you spotted the pattern here...not a regular well defined flag
or parallel but look at it: left shoulder, head, right shoulder: an inverted/reverse head and shoulders (so another
continuation pattern to add to the list, to study and remember for ever) with the small dynamic resistance line at
the top of the chart forming the neckline/break-point. The minimum upside target following breakout is 12,092, only 50
points away as this written. Another 260 points or so, if touched. The break today was slow coming - like fishing can
be too - we have to learn patience and recognise that when Bitcoin goes into a continuation pattern it takes 5 to 6 hours
usually to straighten out again and sometimes 10. This is the nature of the beast. We cannot let ourselves get tired by
waiting though, becasue just when you think it's never going to break higher, it does. It's Bitcoin. Stay with it. Day traders
can draw a support line right under the lows of this run from 11166 on a 1 minute chart to determine a near term exit.
* Sorry to desert post today - busy in meetings that took all day and most of night...new Crypto funds starting up ahead
of futures trading starting in Bitcoin on December 18 - Bitcoin gets more respectable with every passing day.
Soon everyone will have a Bitcoin desk or risk being left behind, and getting labelled old-fashioned.
Except for Jamie Dimon of course. Mr Dimon may be a stopped clock, but he could yet be proved right. One day.
Until then, every other day, he's wrong though.
More gymnastics overnight as Bitcoin tore across our screens.
It's as if it's putting on a display for us all, going through a
gymnast's routine across the mat and parallels, showing us a
selectionn of moves and continuation patterns, all different
over the last 24 hour display. Look and learn from this
extraordinary creature. Is she mot magnificent?
Ideally it will finish with one last blast to the upper parallel
where we look to close out for a while if touched. Day traders
can short from there wit stops 50 points above. You may win a
heap of points. And you may get yourself a new one ripped -
before you even have a chance to pull down your pants. But
with a stop it may still be worth the risk, if we see that upper
parallel touched today. Doesn't have to do this but it would be
neat if it did. Stops can be raised to just under the top
dynamic support shown on the chart now, just under 12250