Bitcoin: BTCUSD Pieces Of Eight
Bitcoin lost the pull of the big parallel last night and then
drifted sideways. It then started to use the lower parallel as
resistance - bears came in where you'd expect them to attack,
just under the 10 mark. But no one panicked. Holders who
once exchanged one Bitcoin for an oz of weed weren't going
to pull out now. That ounce is now worth $10,000. Crime
pays. Bigly. Now everyone wants a piece too. And like pirates
fighting over pieces of eight, there are only 16 to 21million
Bitcoins to share out amongst every inhabitant of the world.
That sum means there are roughly 20 million Bitcoins to share
between 7.4 billion people. Like pieces of 8 there are not
enough to make everyone happy. So we fight. Over price. And
the price won't stop rising. How high can Bitcoin go?
Still, no one knows. But where there was a floor at 8000
established 5 days ago. That floor is now 9848- 9715. Swing
and long term hoilders can safely move or keep their stops up
to just under 9700.
Near term Bitcoin is now back testing the underside of the
same parallels it lost during yesterday''s session and although
it won't quit pushing, the parallel is arresting a surge in price
Why would anyone quit holding now except brave day traders
selling off the parallel? If they didn't bail out at 10 and just
under why expect them to bail out now?
Bitcoin remains a buy dips trade. Next stop 15,000. Anyone's
guess. 2, 3, 5, 7.5, 15 (10 does not figure anywhere),
Long term holders and swingers stay long. Day traders know
by now that palying against Bitcoin will take your fingers off.
Buy dips too. You can't fight this. The writing is on the screen.
"Bitcoin has been weighed in the balance - and has not been
found wanting". Long story short: Bitcoin still rocks and should
hit 15 quite soon. Buy all dips and hold. Just like everyone else.
Bitcoin lost the pull of the big parallel last night and then
drifted sideways. It then started to use the lower parallel as
resistance - bears came in where you'd expect them to attack,
just under the 10 mark. But no one panicked. Holders who
once exchanged one Bitcoin for an oz of weed weren't going
to pull out now. That ounce is now worth $10,000. Crime
pays. Bigly. Now everyone wants a piece too. And like pirates
fighting over pieces of eight, there are only 16 to 21million
Bitcoins to share out amongst every inhabitant of the world.
That sum means there are roughly 20 million Bitcoins to share
between 7.4 billion people. Like pieces of 8 there are not
enough to make everyone happy. So we fight. Over price. And
the price won't stop rising. How high can Bitcoin go?
Still, no one knows. But where there was a floor at 8000
established 5 days ago. That floor is now 9848- 9715. Swing
and long term hoilders can safely move or keep their stops up
to just under 9700.
Near term Bitcoin is now back testing the underside of the
same parallels it lost during yesterday''s session and although
it won't quit pushing, the parallel is arresting a surge in price
Why would anyone quit holding now except brave day traders
selling off the parallel? If they didn't bail out at 10 and just
under why expect them to bail out now?
Bitcoin remains a buy dips trade. Next stop 15,000. Anyone's
guess. 2, 3, 5, 7.5, 15 (10 does not figure anywhere),
Long term holders and swingers stay long. Day traders know
by now that palying against Bitcoin will take your fingers off.
Buy dips too. You can't fight this. The writing is on the screen.
"Bitcoin has been weighed in the balance - and has not been
found wanting". Long story short: Bitcoin still rocks and should
hit 15 quite soon. Buy all dips and hold. Just like everyone else.
Comment:
Bitcoin a strong buy- seriously. with stop below 11100, ideally just a little lower than here but we might not see it. 170 risk, uncalculable upside, but 15k likely soon
Comment:
So that got blown away for 100-170 point loss. Next buy point at 10690 with stoop just 30 below
Comment:
Only 2 buy points left now after another 30 blown - although it had happened after you got the last update ('strict rules of golf, Goldfinger') 10450 with stop 60 points lower ...or if this bearks 10005.
Got to risk these two bets now...OK Fortune favors the brave etc...as long as you use stops
Got to risk these two bets now...OK Fortune favors the brave etc...as long as you use stops
Comment:
Apologise fro dyslexia going crazy when writing so quickly..hard to keep up with Bitcoin. A crap trade and and another 30 point loss are not good. But now we have only 2 choices left. It's sitting on the old parallel now acting as ssupport. Only a 100 point risk here and then none at 10005 with a 15 point stop under...but we might never see 10000 again...2 shots...be brave, even if mauled . Make like Leo in The Revenant
Comment:
Take 250 profits here
Comment:
Well luckily it shot higher by the time that was sent...its nuts because to write upadtes this way means you can't see the live price at same time...if you have taken profits or just been watching look to enter at 10695 with stop 30 points lower if we get struck. It could happen over the next few minutes as things are moving so fast now. Wasn't that wild the way Bitcoin just sat on th eold parallel for 10 minutes as the entire market was held in suspense..right on an old almost invisible parallel.
Wave power, you could say. If still long not abd idea to close here and take good profits from your act of bravery and buy agin from 10695 or if the new high of 5 minutes ago is broken with stops 30 points lower
Wave power, you could say. If still long not abd idea to close here and take good profits from your act of bravery and buy agin from 10695 or if the new high of 5 minutes ago is broken with stops 30 points lower
Comment:
So Tradingview went down right in the thick of the action and wouldn't allow any uploads or new charts, meaning the last Bitcoin charts were all stuck on an old price..the last update saying to take profits was an hour or so ago when price was around 10900 so hope it got through to you with all this upgrade going on...losing the power just at the biggest moment today was like a sports feed losing connection just as a magnificent 40 yard shot was bending into the top corner of the net. After two offsides, losing about 100 and then 30 points this 3rd attempt from 10450 at least won back 400 to 450. It was not very cool. Shot a toe off, but hey, what's a toe here and there. It was hectic, but we still only lost about 130 points being completely wrong in a crazy market. This kind of crap shoot is not for some. Want to wait and look to buy again at 10450 with stop 50 points lower
Comment:
Picking up some more pieces her. We are long again at 10450. Raise stop to 10535 for small 85 point win if goes wrong from here. The ideal would be if came back off to 10...like it did when we were all asleep at midnight est. That was so slick, to come back down to the big scary number and then crush it, using it as support (low 10002) before flying higher. If only this thing shut down or we could trade 24/7 without sleep - honestly and truthfully this thing pulls some stunts behind our backs - that test of 10 when we weren't looking, like a trick or treat .
It's been hectic but we are up 300 or 400 points so far here today...hope you got some at 10450 the second time even if the first was a little hair-raising to say the least
It's been hectic but we are up 300 or 400 points so far here today...hope you got some at 10450 the second time even if the first was a little hair-raising to say the least
Comment:
Can buy again on a break of the dynamic shown on chart or around current levels at 10500 with stop under 10430 for small loss if wrong.
Comment:
Really trying to stabilise here...buy on the break above the dynamic if we see it.
Otherwise we may have a chance at 10 - these are the only two spots left now, as before
Otherwise we may have a chance at 10 - these are the only two spots left now, as before
Comment:
Support here off the old parallel which ay hold it up but am really hoping for 10k.
Set up a buy order at 10020 with a stop 60 points lower. Maybe we'll get struck
Set up a buy order at 10020 with a stop 60 points lower. Maybe we'll get struck
Comment:
Want this counter rally to stop at 10450 at best and then force price lower down again to 10000. So now it's either of 2 buy points: 10020 with a stop 60 points lower , or when the dynamic from the highs is broken on the upside if 10k is not reached first. Hope this roller coaster is not making you sick...if we want go chasing leviathans it's not exactly easy capturing them. But let's set a trap at 10k and see if it comes to sniff it.
Comment:
Amendment. Want to set stops under 9830 to stay out of the way of stops being set too close under 10k...it's quite a large stop (190 points) but it's there to stop it getting hit with any luck. Could do with some today..
Comment:
Better way of trading this now: Buy here with stop at 9975 for 30 point loss if wrong.
Comment:
This way we only risk 30 points or so and if we lose the 30 we go again at 9850 with 50 point stop.
Comment:
If it is going to stop at 9850 we can narrow the stop to 40...Ok to take 3 or 4 small 30/40 point losses so long as we avoid any big ones...having broken 10 this may take 2 or 3 more attempts, but will try to limit losses when wrong tosmall amounts. Trying to catch 1000 points here so a few 30 points are not much in scheme of things.
Want to get the low and then lock it away if possible...so hunt will continue
Want to get the low and then lock it away if possible...so hunt will continue
Comment:
3 last shots at bagging this beast from here:
1. On a test of the trend line shown on the chart. It should bounce here so am setting a buy order at 9070 with a 55 point stop under it. Then if this fails the next level is 8344 with a 45 point stop and then finally 7894 with a 60 point stop.160points of maximum risk (if first two fail) and potentially 1000 + upside
There is also support here at 9300 with 230 points of likely downside and 1000's of upside. If you've been wanting to buy and keep missing the boat this is not that high risk now compared to rewards so long as you can handle th next few hours and a potential 230 points going against you first.
1. On a test of the trend line shown on the chart. It should bounce here so am setting a buy order at 9070 with a 55 point stop under it. Then if this fails the next level is 8344 with a 45 point stop and then finally 7894 with a 60 point stop.160points of maximum risk (if first two fail) and potentially 1000 + upside
There is also support here at 9300 with 230 points of likely downside and 1000's of upside. If you've been wanting to buy and keep missing the boat this is not that high risk now compared to rewards so long as you can handle th next few hours and a potential 230 points going against you first.
Comment:
BTCUSD Bitcoin
At some point Bitcoin was going make a Fibo and the classic number in FX markets is 0.618%. Bitcoin's .618% from the low of this run at 7880 to the high at 11395 is 9218. The low was 9250. Close. In addition the trendline supporting Bitcoin for the longer term, and shown earlier was in fact at 9241 at the time of the low, just 9 points below the actual low. This was my mistake and notthe chart's - should have taken more care over the precise line...must be true and not have to force it (they are not trustworthy if they don't fit naturally). My bad. Really bad. If you bought around 9300 for the longer term or even as a swing trader you're 550 to the good already at least. Should have got that low to within 50 points or so. The chart was good. The line was poorly drawn. Fact. FFS. Didn't help that Tradingview blew up during the day and messed with all the charts for a while..just a crappy day so far chasing the big fish. But it's approaching resistance at 10008 and even 'long term' buyers from 9300 (all of an hour! but in this case the profits are too good to miss) are urged to either bank 700 points profit here - this is old reistance - or to stick a stop in at 9835
At some point Bitcoin was going make a Fibo and the classic number in FX markets is 0.618%. Bitcoin's .618% from the low of this run at 7880 to the high at 11395 is 9218. The low was 9250. Close. In addition the trendline supporting Bitcoin for the longer term, and shown earlier was in fact at 9241 at the time of the low, just 9 points below the actual low. This was my mistake and notthe chart's - should have taken more care over the precise line...must be true and not have to force it (they are not trustworthy if they don't fit naturally). My bad. Really bad. If you bought around 9300 for the longer term or even as a swing trader you're 550 to the good already at least. Should have got that low to within 50 points or so. The chart was good. The line was poorly drawn. Fact. FFS. Didn't help that Tradingview blew up during the day and messed with all the charts for a while..just a crappy day so far chasing the big fish. But it's approaching resistance at 10008 and even 'long term' buyers from 9300 (all of an hour! but in this case the profits are too good to miss) are urged to either bank 700 points profit here - this is old reistance - or to stick a stop in at 9835
Comment:
Just seconds in time...would be amazing to have live feeds...are you listening Tradingview? How to create a community and stickyness...
So now we are looking to buy again from lower...9700 with stop 30 under for dy traders
So now we are looking to buy again from lower...9700 with stop 30 under for dy traders
Comment:
Bitcoin Bigger picture: Medium term trend line (5 Days old)
Comment:
Doesn't look right if day trading and long take profits at 9850
Comment:
Bitcoin
Yesterday the 10k number only had a symbolic meaning. It was just an arbitrary round number - but a big number all the same. Nevertheless, over the last 24 hours the chart shows that this number is now significant technically as well as symbolically. It really stands out on the chart now - a dividing line for the rest of the day most likely...it's vulnerable under the 10008 line where bears roam and bullish back up above that line where the bulls run. So a move above the line means going long with stops below the line by 50 points...looks like it will now enter a period of fighting under the dividing line...would be good ifit does this, moving sideways and starting to use the old blue support lines closeby as it gets sold off...just to move out to the side of that overhanging dynamic and ideally pop higher around the point where the fixed blue line at 10008 and the dynamic from the highs meet...maybe...that would be perfect and we follow it if it should occur.
Otherwise the supports fail and it comes back lower still, ideally double bottoming right off the medium term dynamic underpinning this entire move over the last 5 days of mayhem - that would be perfect too, with stops about 50 under the line (so 9210, work out your risk limits and try to set up for two scenarios now the dust is settling some. The one off the low/double bottom and alternatively the break above 10008 - ideally about 1 hour from now (5.45 est). After messing all day these just might be good trades if we see them ...break to upside could happen earlier but needs to break that dynamic too, so in an hour's time would be ideal but likely too much to ask...let's see
Yesterday the 10k number only had a symbolic meaning. It was just an arbitrary round number - but a big number all the same. Nevertheless, over the last 24 hours the chart shows that this number is now significant technically as well as symbolically. It really stands out on the chart now - a dividing line for the rest of the day most likely...it's vulnerable under the 10008 line where bears roam and bullish back up above that line where the bulls run. So a move above the line means going long with stops below the line by 50 points...looks like it will now enter a period of fighting under the dividing line...would be good ifit does this, moving sideways and starting to use the old blue support lines closeby as it gets sold off...just to move out to the side of that overhanging dynamic and ideally pop higher around the point where the fixed blue line at 10008 and the dynamic from the highs meet...maybe...that would be perfect and we follow it if it should occur.
Otherwise the supports fail and it comes back lower still, ideally double bottoming right off the medium term dynamic underpinning this entire move over the last 5 days of mayhem - that would be perfect too, with stops about 50 under the line (so 9210, work out your risk limits and try to set up for two scenarios now the dust is settling some. The one off the low/double bottom and alternatively the break above 10008 - ideally about 1 hour from now (5.45 est). After messing all day these just might be good trades if we see them ...break to upside could happen earlier but needs to break that dynamic too, so in an hour's time would be ideal but likely too much to ask...let's see
Comment:
Unbelievable. Shot through . Too late . it takes 10 minutes considering this stuff and writing it and it's just so frustrating because the stuff is OK mostly but arriving seconds or minutes too late. It should come back now...nice 200 break huh! And now look to buy on this pull back..ideally to 10008 or close to with stops under by 50 points.
Comment:
Wow follow this with stops under the trend line
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This could be it..10008 keep stops under here and llok to buy if not laready long
Comment:
Back to 2 shots from here:
So an hour later and after a load of messing and losing 50 points we are at the 10000 point and this time if it goes through 10008 it will beat the dynamic and should rally well...but it has do it quite soon now, find buyers here...if so follow with stop 50 points lower...if it gets above 10008 it will spurt quite quickly upwards most likely, as last time, maybe no retest...we are back to the same point 10000 divides the day again, bullish above vulnerable below
Otherwise the supports fail and it comes back lower still, ideally double bottoming right off the medium term dynamic underpinning this entire move over the last 5 days of mayhem - that would be perfect too, with stops about 50 under the line (so 9210, work out your risk limits and try to set up for two scenarios now the dust is settling some. The one off the low/double bottom and alternatively the break above 10008
So an hour later and after a load of messing and losing 50 points we are at the 10000 point and this time if it goes through 10008 it will beat the dynamic and should rally well...but it has do it quite soon now, find buyers here...if so follow with stop 50 points lower...if it gets above 10008 it will spurt quite quickly upwards most likely, as last time, maybe no retest...we are back to the same point 10000 divides the day again, bullish above vulnerable below
Otherwise the supports fail and it comes back lower still, ideally double bottoming right off the medium term dynamic underpinning this entire move over the last 5 days of mayhem - that would be perfect too, with stops about 50 under the line (so 9210, work out your risk limits and try to set up for two scenarios now the dust is settling some. The one off the low/double bottom and alternatively the break above 10008
Comment:
This thing...maybe it will come back to the lows one more time...maybe. It likes to make double bottoms...want it come back to 9280 and use a 70 point stop. Funny how big 10k has become today...
If we do get struck and not stopped out look to sell at 10000 and just under and then only go long again once 10008 has been won by the bulls again.
Just wait now. this has been painful but we may yet get our rewards.
If we do get struck and not stopped out look to sell at 10000 and just under and then only go long again once 10008 has been won by the bulls again.
Just wait now. this has been painful but we may yet get our rewards.
Coming back to tet the day's dynaamic underpinning the rally. It's a buy at 11100 and close to, off the dynamic with stops below 11100