BTCUSD Bitcoin Bitfinex Update: Next Trade Points from Here
Finally a break - so quick it's over - justa quick 100 points. But
these trades can happen so quickly because other traders
have trigger levels and limits pre-set in the market - often on
both sides - They hit and trigger or they don't.
This has to break 7810-7800 range to add or open a new short
back to 7596
10:22 gmt 05:22est
Bitcoin is effectively back to square 1, at the same price point
it was printing 24 hours ago and facing the same problems
again too. A groundhog day so far.
The rally has helped to shift Bitcoin into neutral again from
outright bearish and gives Bitcoin bulls a fighting chance from
here but whilst unable to regain and hold above the 8180 line
on Bitfinex the bears in this fight are not going to raise a
white flag any time soon.
Bitcoin has to push above 8180 and sustain it to break the
bear hold and to trigger the next long shot up to 8400-8456
range with stops at least 30 lower.
But in very near term until 8110 can be taken back and held
by the bulls Bitcoin is still vulnerable to selling pressure with
the 8070 support line now quite important to the near term
from here. It has to break below here to end this near term
neutality and to force it back lower still to 7960-7955. Worth
a short if triggered.
But there is no aggressive short on offer right now. It has to
break below 7800 for that to happen in which case we can
short again back to 7600-7595 range.
So overall neutral to mildly bearish right now - and back to
waiting for the next trade to trigger from here.
For now we need to be patient, to wait and not get tired by
waiting. Yet again.
Finally a break - so quick it's over - justa quick 100 points. But
these trades can happen so quickly because other traders
have trigger levels and limits pre-set in the market - often on
both sides - They hit and trigger or they don't.
This has to break 7810-7800 range to add or open a new short
back to 7596
10:22 gmt 05:22est
Bitcoin is effectively back to square 1, at the same price point
it was printing 24 hours ago and facing the same problems
again too. A groundhog day so far.
The rally has helped to shift Bitcoin into neutral again from
outright bearish and gives Bitcoin bulls a fighting chance from
here but whilst unable to regain and hold above the 8180 line
on Bitfinex the bears in this fight are not going to raise a
white flag any time soon.
Bitcoin has to push above 8180 and sustain it to break the
bear hold and to trigger the next long shot up to 8400-8456
range with stops at least 30 lower.
But in very near term until 8110 can be taken back and held
by the bulls Bitcoin is still vulnerable to selling pressure with
the 8070 support line now quite important to the near term
from here. It has to break below here to end this near term
neutality and to force it back lower still to 7960-7955. Worth
a short if triggered.
But there is no aggressive short on offer right now. It has to
break below 7800 for that to happen in which case we can
short again back to 7600-7595 range.
So overall neutral to mildly bearish right now - and back to
waiting for the next trade to trigger from here.
For now we need to be patient, to wait and not get tired by
waiting. Yet again.
Comment:
17:35gmt 12:35est
Bitcoin Bitfinex Chart Trench Warfare
Running on empty but pushing higher to the first resistance line at 8023 - has to break above here to grind higher still to the next line at 8070 - the overall pattern is still a complex top formation but it's being lazy about it (as forecast in earlier comments from a couple of days ago) and as it flips around it's made the beginnings of a right shoulder off this morning's lows to create a beautiful head and shoulders - with a double top and double shoulders forming.
A Hydra's head of impulse waves competing like serpents - and each one a potential trap as it gyrates in the range at the top. Like the Hydra's head it was built to mesmerise and confuse
The only way out from here - apart from collapsing eventually - would be to break and hold above the key 8180 line on Bitfinex. Seems unlikely. But how often do we feel/believe that way only for Bitcoin to make a bear-breaking rally - before it comes off again?
*for Bitcoin updates in real-time please see top-left, main page for link
Bitcoin Bitfinex Chart Trench Warfare
Running on empty but pushing higher to the first resistance line at 8023 - has to break above here to grind higher still to the next line at 8070 - the overall pattern is still a complex top formation but it's being lazy about it (as forecast in earlier comments from a couple of days ago) and as it flips around it's made the beginnings of a right shoulder off this morning's lows to create a beautiful head and shoulders - with a double top and double shoulders forming.
A Hydra's head of impulse waves competing like serpents - and each one a potential trap as it gyrates in the range at the top. Like the Hydra's head it was built to mesmerise and confuse
The only way out from here - apart from collapsing eventually - would be to break and hold above the key 8180 line on Bitfinex. Seems unlikely. But how often do we feel/believe that way only for Bitcoin to make a bear-breaking rally - before it comes off again?
*for Bitcoin updates in real-time please see top-left, main page for link
Comment:
Bitcoin Bitstamp Chart Update
Stopped out of the long for 9 point loss overnight at 8172. Bitcoin is now trading at 8171 after a high at 8282 on Bitstamp.
It's left quite a big rejection spike off the upper rising parallel of the continuation pattern it's been hammering out since yesterday's lows - it's just breaking the first litttle dynamic here as this is written and should find support off the lower parallel
and try to rally again from here.
It is doing, leaving a spike under price now as well as above. Which signals indecision and range trading inside the rising parallels for now.
The spikes are making it difficult to trade at this point - but it's grinding slowly higher and is still positive above 8160 and more likely to push higher still to grind down the bears - but it's a battle with sellers likely to appear again between the 8213 line and the line above it and buyers at 8170-60, causing whippy trading conditions.
But the near term bias is still up towards the upper parallel and eventually to the 8418 line here
Downside from Here
It has to break below the small rising central parallel to trigger another decline 90 point decline to 8074-8058 and the lower rising parallel where it should bounce again. We then need to see a break below the 8058 line to short again back to 7820-7800. A break below 7750 would in turn trigger another short to 7562.
Bitcoin Coinbase Chart Update
Bitcoin Bitfinex Feed Update
Bitcoin Futures Chart Update
Stopped out of the long for 9 point loss overnight at 8172. Bitcoin is now trading at 8171 after a high at 8282 on Bitstamp.
It's left quite a big rejection spike off the upper rising parallel of the continuation pattern it's been hammering out since yesterday's lows - it's just breaking the first litttle dynamic here as this is written and should find support off the lower parallel
and try to rally again from here.
It is doing, leaving a spike under price now as well as above. Which signals indecision and range trading inside the rising parallels for now.
The spikes are making it difficult to trade at this point - but it's grinding slowly higher and is still positive above 8160 and more likely to push higher still to grind down the bears - but it's a battle with sellers likely to appear again between the 8213 line and the line above it and buyers at 8170-60, causing whippy trading conditions.
But the near term bias is still up towards the upper parallel and eventually to the 8418 line here
Downside from Here
It has to break below the small rising central parallel to trigger another decline 90 point decline to 8074-8058 and the lower rising parallel where it should bounce again. We then need to see a break below the 8058 line to short again back to 7820-7800. A break below 7750 would in turn trigger another short to 7562.
Bitcoin Coinbase Chart Update
Bitcoin Bitfinex Feed Update
Bitcoin Futures Chart Update
That 5 minute near 5% bear squeeze looks most powerful in the futures chart which took price much higher than on any of the exchanges we follow, shooting right to the old resistance line at 8230 after a high here at 8235.
On this chart it needs a break above 8230-5 line to trigger next long to 8446 .
And on downside it requires a break below 8090 here to trigger a short back to 8050 initially and then after a small bounce another 100+ point short back to 7950- 7878 range.
Until then Bitcoin is still near term neutral/mildly bearish
Bitcoin Bitfinex Update
Finally a break - so quick it's over - justa quick 100 points. But these trades can happen so quickly because other traders have trigger levels and limits pre-set in the market - often on both sides - They hit and trigger or they don't.
This has to break 7810-7800 range to add or open a new short back to 7596
Bitcoin Bitfinex Chart Trench Warfare
Running on empty but pushing higher to the first resistance line at 8023 - has to break above here to grind higher still to the next line at 8070 - the overall pattern is still a complex top formation but it's being lazy about it (as forecast in earlier comments from a couple of days ago) and as it flips around it's made the beginnings of a right shoulder off this morning's lows to create a beautiful head and shoulders - with a double top and double shoulders forming.
A Hydra's head of impulse waves competing like serpents - and each one a potential trap as it gyrates in the range at the top. Like the Hydra's head it was built to mesmerise and confuse
The only way out from here - apart from collapsing eventually - would be to break and hold above the key 8180 line on Bitfinex. Seems unlikely. But how often do we feel/believe that way only for Bitcoin to make a bear-breaking rally - before it comes off again?