Bitcoin: BTCUSD Not Out of Woods Yet
By 7.30pm est the Chinese market opened and started to pile
in, probably not believing their luck that Bitcoin was trading
at the ideal entry point off 7077 again. The immediate burst
of buying took Bitcoin up to test the resistance line at 7344
for a quick 260 points of profiit before sellers moved back in.
Since then we've seen backing and filling as it comes back to
test the parabola again, which is NOT holding it up now and is
curently at 7150, with fixed support at 7140... and more at 7077
nearby. It should start to find support around here but then has to
break out of the little channel it's running down to break free
of selling pressure and hold up on retests when the breakout
occurs...That breakout should be worth following if we see it.
Downside, it can come back to 7077-7060 but must hold up here
today if it is to avoid another fall back to 6943....if it does
this, it becomes a buy again for day-traders at 6943 with stop
just under 6900, looking for a rally back to 7070 initially.
Stops on current longs remain below 7050, which if broken
means that 6934 will likely be tested again. The 6934 level
down to 6900 remains critical for Bitcoin. It must hold up here
on all tests. Failure to do so will trigger a welter of selling in
all likelihood, back to 6312 at least, more likely to 6165. A
good short, if we see it.
By 7.30pm est the Chinese market opened and started to pile
in, probably not believing their luck that Bitcoin was trading
at the ideal entry point off 7077 again. The immediate burst
of buying took Bitcoin up to test the resistance line at 7344
for a quick 260 points of profiit before sellers moved back in.
Since then we've seen backing and filling as it comes back to
test the parabola again, which is NOT holding it up now and is
curently at 7150, with fixed support at 7140... and more at 7077
nearby. It should start to find support around here but then has to
break out of the little channel it's running down to break free
of selling pressure and hold up on retests when the breakout
occurs...That breakout should be worth following if we see it.
Downside, it can come back to 7077-7060 but must hold up here
today if it is to avoid another fall back to 6943....if it does
this, it becomes a buy again for day-traders at 6943 with stop
just under 6900, looking for a rally back to 7070 initially.
Stops on current longs remain below 7050, which if broken
means that 6934 will likely be tested again. The 6934 level
down to 6900 remains critical for Bitcoin. It must hold up here
on all tests. Failure to do so will trigger a welter of selling in
all likelihood, back to 6312 at least, more likely to 6165. A
good short, if we see it.
Trade active:
Embargo back on: This was uploaded 35 minutes ago as an update on previous Bitcoin comment from earlier today but couldn't be added here as this comment (above) was still stuck on Tradingview server somewhere awaiting going live - so could only update via last comment. Not very satisfactory. So here it is again if you missed it
Comment: Bitcoin: BTCUSD Blow Out and Embargo back on
The last key support lies broken, the parabola, that worked
last night has been broken. There's a liitle support at 6800
which might just give Bitcoin a lift back to 6943 breakdown
level at best now and give one last shorting opprtunity from
there, but we should be short now with stop above 6970 for
now...Bitcoin has to get back above 6950 and hold for selling
pressure to wane for a little longer...only if it can manage
this will it rally quite fast back up to the next resistance line
at 7060-7070 where it will become a compelling sell once
again.
Bitcoin will not rise above 7138 at absolute best now before it
falls away to 6312 at least and so any sell opportunity which
might come later (only if 6950 can be regained, as above)
from 7060 needs a stop above 7160 to avoid whipsaw, which
will be tough to deal with later, probably.
But whilst Bitcoin is unable to regain 6950 it remains in a very
weak near term technical position.
Comment: Bitcoin: BTCUSD Blow Out and Embargo back on
The last key support lies broken, the parabola, that worked
last night has been broken. There's a liitle support at 6800
which might just give Bitcoin a lift back to 6943 breakdown
level at best now and give one last shorting opprtunity from
there, but we should be short now with stop above 6970 for
now...Bitcoin has to get back above 6950 and hold for selling
pressure to wane for a little longer...only if it can manage
this will it rally quite fast back up to the next resistance line
at 7060-7070 where it will become a compelling sell once
again.
Bitcoin will not rise above 7138 at absolute best now before it
falls away to 6312 at least and so any sell opportunity which
might come later (only if 6950 can be regained, as above)
from 7060 needs a stop above 7160 to avoid whipsaw, which
will be tough to deal with later, probably.
But whilst Bitcoin is unable to regain 6950 it remains in a very
weak near term technical position.