Bitcoin is still positive and a near term buy on retests of the
smaller dynamic underpinning the day's rally towards the blue
support line at 9960-9940 with stops below 9900.
Also raising the stop here to just under 9900 on current longs
on Bitfinex to trap in 100 + points if it gets struck (day
trading). The other choice for swing traders is to leave the
stop just under 9800 for break even from here. The overall
trend will remain positive whilst Bitcoin remains above the
larger rising dynamic it bounced from earlier and that we
used for this original long entry.
Last Tv Update, yesterday:
If it loses the main dynamic it will unravel a little but looks
unlikely to break below 9496-9450 levels if it does - there
should be a lot more upside from here though.
How you prefer to trade it up to you. But for the forseeable
future this is a buy dips market. That only changes if the
lower larger dynamic gives way at any point from here.
1st Update today 05:05 est
Some swing traders will still be running the long and using the
bigger dynamic as a final exit (as per Tv updates). If so stay
with it. If not and looking for the next long from here, we
have a chance of a trade from here at 9740-9700 if using a
stop below the dynamic which is at 9700 now for smallish loss
if wrong here - otherwise we need to see the upper parallel
broken on the next rally to follow long again, with stops
below the dynamic, under 9700. So long as Bitcoin holds up
off the largest upper rising dynamic that it is closest to now
(at 9700 now) the trend will remain positive and swing traders
can stay long. And if this line gets broken at any point today
the 9496-9450 range must hold up to all challenges from here
to stay overall.
Update 09:31est today
Can raise the stop on this long to just under 9800 for small
win/break even from here. Some traders are happy with 200
points per day so that over 5 days they make 1000 or so. All
depends on profile - some are big game hunters and swing
traders and some are shorter term scalpers. There is no right
way, just the way that suits your temperament and time
available best - it takes every type to make a market...