BITCOIN: BTCUSD Still looks good, but pattern has changed subtly over the last hour or so. So must now raise trigger for next long as per comment
Comment:
BITCOIN: BTCUSD (10 upload limit reached, no chart)
No sooner posted than Bitcoin slammed down through the support, leading to a mild panic which forced price down to
2811-2800 support range with a spike low at 2806.
That pin bar looks good so far but now need to see it push back up above the old support lines from the triangle which
may prove too much to ask in the very near term. Most people are buy and hold which is why bears can't really get much
traction...so far. But that doesn't mean things can turn quickly. That damn triangle was the first pattern thrown up
that proved unreliable - or you could argue it was...it could have gone either way - it went both. Anyway it was extremely
unreliable and proved a real let-down. Look at that big red candle - the most powerful we've seen. It was bear engulfing
too. From being gung-ho with caveats an hour ago now that candle calls for heighted alert here. That support at
2811-2800 must continue to hold up to avert a fall back to the breakout zone at 2750-2745 where it becomes a buy again
with stops under 2740. Any failure here during the course of today would be likely to trigger further near term pressure on
price taking it back to the upper parallel, perhaps spiking to fixed support at 2685 at lowest before rallying again.But none
of this can happen whilst bulls hold 2811-2800. This level is now key to the near term. Although it may take a while to
build a new base from here whilst above 2800 the bulls are still bossing Bitcoin.
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No sooner posted than Bitcoin slammed down through the support, leading to a mild panic which forced price down to
2811-2800 support range with a spike low at 2806.
That pin bar looks good so far but now need to see it push back up above the old support lines from the triangle which
may prove too much to ask in the very near term. Most people are buy and hold which is why bears can't really get much
traction...so far. But that doesn't mean things can turn quickly. That damn triangle was the first pattern thrown up
that proved unreliable - or you could argue it was...it could have gone either way - it went both. Anyway it was extremely
unreliable and proved a real let-down. Look at that big red candle - the most powerful we've seen. It was bear engulfing
too. From being gung-ho with caveats an hour ago now that candle calls for heighted alert here. That support at
2811-2800 must continue to hold up to avert a fall back to the breakout zone at 2750-2745 where it becomes a buy again
with stops under 2740. Any failure here during the course of today would be likely to trigger further near term pressure on
price taking it back to the upper parallel, perhaps spiking to fixed support at 2685 at lowest before rallying again.But none
of this can happen whilst bulls hold 2811-2800. This level is now key to the near term. Although it may take a while to
build a new base from here whilst above 2800 the bulls are still bossing Bitcoin.