Bitcoin: BTCUSD Update
Hitting the first downside target and should get a bounce, if so can go back to hit the central parallel and recoil, giving
another great shorting opportunity if seen with stop 50 points above the parallel as it hits it.
Returning to downside, need to cover potential for Chinese losing all faith and causing the ultimate flush out...it's
Bitcoin. We need to remember that ANYTHING can happen and be psychologically prepared for pretty much any
eventuality over the next few hours.
Still think that the best chance for recovery should be from
5098-4973 range as things stand - though there is a slim chance that this double bottom here might be the low...if so
the bounce won't stop at the parallel, but it will stop there at very best on the next rally attempt.
It's possible that 4973 will not stop the rout...it will do first time it's hit, but if that fails it will fall away to 4700 which is
last-gasp support for Bitcoin, meaning failure to hold up here at the worst will unleash another torrent of selling, including us with stops above 4700, taking
Bitcoin back to 2974 - at which case we go long again. So be careful at the 5098-4973 range...we really are looking for
evidence of a reversal there - which may be V shaped and fast. So stops need placing and only go long if 4973 or close is
touched with stop noless than 50 to 100 points away - it may get swept away...don't feel sorry a that point. It was a brave
long. React. Get short, suck it up and place a stop 50 points above 5000. if we see this price action, the first point of
support lies at 4700 . Critical, as above.
This last total wipe-out phase is not likely to happen. But it could. We need to be ready for pretty much anything.
Stay Lucky
Hitting the first downside target and should get a bounce, if so can go back to hit the central parallel and recoil, giving
another great shorting opportunity if seen with stop 50 points above the parallel as it hits it.
Returning to downside, need to cover potential for Chinese losing all faith and causing the ultimate flush out...it's
Bitcoin. We need to remember that ANYTHING can happen and be psychologically prepared for pretty much any
eventuality over the next few hours.
Still think that the best chance for recovery should be from
5098-4973 range as things stand - though there is a slim chance that this double bottom here might be the low...if so
the bounce won't stop at the parallel, but it will stop there at very best on the next rally attempt.
It's possible that 4973 will not stop the rout...it will do first time it's hit, but if that fails it will fall away to 4700 which is
last-gasp support for Bitcoin, meaning failure to hold up here at the worst will unleash another torrent of selling, including us with stops above 4700, taking
Bitcoin back to 2974 - at which case we go long again. So be careful at the 5098-4973 range...we really are looking for
evidence of a reversal there - which may be V shaped and fast. So stops need placing and only go long if 4973 or close is
touched with stop noless than 50 to 100 points away - it may get swept away...don't feel sorry a that point. It was a brave
long. React. Get short, suck it up and place a stop 50 points above 5000. if we see this price action, the first point of
support lies at 4700 . Critical, as above.
This last total wipe-out phase is not likely to happen. But it could. We need to be ready for pretty much anything.
Stay Lucky