sumastardon

Bitcoin: BTCUST Still not over yet

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Last shot
Well that long didn't do too well - stopped out for about 200 profit unless you were smart and trailed a tight stop under it -
500 points profit lost by bad stop management. If it was going to halt the last high was a pretty obvious place - too busy
updating other calls. Just plain dumb. Late. 16 hours playing with Bitcoin . Last shot for tonight...
Despite the set-back Bitcoin is struggling on, now carving out a new set of parallels which have a corrective feel about
them. It's still a buy off the lower parallel with stops quite tight, trailing underneath it and it will be a sell off the upper
parallel later if touched at around 15600 in maybe 3 hours' time if the lower parallel continues to hold.
It really should then fall away, potentially quite hard most likely back to 12094 and if this fails back to the lows. If this
price action develops and it heads south hard and fast rather than more haltingly, then watch how it behaves at the
lows...it should start to fight and flip around there to show it's got a chance of holding and getting long with stops within 50
points of the low...if it doesn't fight here it means we need to be prepared in advance psychologically to deal with the initial
shock. We'd be looking at a full-fledged rout of every last bull left in town - driving price back as low as 8324 and maybe as
low as 7843 at the extreme. This is not over yet until that upper parallel is breached and held on the retest by the bulls
again. That would be a major surprise too. But it is Bitcoin guys. We know it's capable of pretty much anything. And so it
needs covering. To turn from bearish back to bullish Bitcoin has to cross that upper parallel, hold on the retest and then
break above 15814 and hold. If and only if it can manage that will the next long get triggered back to 17908 to start with and
likely back to highs thereafter.
And if Bitcoin loses the smaller parallels that are now holding it up before it reaches the upper parallel it means
another test of the lows is likely underway but a little earlier than currently anticipated.

Longer Term clean chart to follow
Comment:
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