Bitcoin Wednesday Update Key Levels Today Altough we made over 500 points on the downside yesterday and 200 or so on the upside the last long from from 10755 went wrong and we were stopped out for around a 50 point loss. Sorry for that one.
Bitcoin has since fallen away and back down the same parallels after making lows at 10400 on Bitfinex in Europe. A little morning buying interest has pushed Bitcoin back up to retest the upper parallel and it is trying hard to break above it now. But it's still too early to think about a long from here. Need to see it break higher still and reclaim 10625 on Bitfinex to trigger a long now, looking to buy the next dip once 10625 is beaten with stops 125 or so lower. Until then, no long trade looks feasible right now.
And on the downside Bitcoin is still stuggling and vulnerable whilst trapped within the parallels of the impulse wave. A break below 10400 here by much more than 10 points will tip it back into bear hands and force it lower still, down through the blue support lines as low as 9285. A potential long trade set-up and also a big short if triggered too. The chart will decide the next move and trade for us from here. We can follow.
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Well the long was blown away by a massive FUD. Which flipped Bitcoin back to negative and triggered shorts from 10400 back to 9285. If you got short get ready close out soon...and can consider reversing long at 9285 (close above here though) if it starts to stabilise and put up a fight there. Careful. Use a stop under it by 100 or so - it's speccy though - we have to see it stabilise first
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Bitcoin Update Positive above the lower parallel and has has 4 small waves down so looking to buy this dip with stops under the lower parallel, which is now forming - should rally to top parallel and come off again
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Last Update tonight. So far this is just a continuation pattern forming and it is going to break down at some point most likely and take Bitcoin lower still ...that may be soon but can also get dragged out more as the night wears on - so if going long here use a stop and stick it right up under it now at 9810..when it does break the lower parallel and 9817-9800 range at lowest it is most likely going to fall much lower still again. And if 9250 does not hold up at lowest overnight this could crash all the way back to 6k and then bounce back hard to 9285 again. It's really wild right now. Need to be very careful from here now. Strongly suggest we stand aside for now. But if it does just happen to get hit back to 6 look to buy it. Be lucky. And there is always tomorrow. And in meantime Forewarned is forearmed.
@tsmith370z, Binance reported it was actually a phishing site exploit that allowed hackers into users' accounts. There are reports of Binance users that have never used an API key. From what I can see they bought VIA, BTC and then dumped everything to create the FUD that profited them on margin shorts and likely long now. They returned a relatively meager yield for all their work today. They could have just held BTC for 2 weeks and done no leg work.
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@jeffswanson, Be very careful about your logins and the extensions you're using. Probably best to login with Incognito mode within Chrome.