sumastardon
Long

Bitcoin: BTCUSD Yet another reverse Head and shoulders triggered

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Update
If you've managed to stay with this overnight from the entry point at 13418 just 10 hours ago now you've done well. We
bought again on the retest from above of the neck-line of the smaller reverse head and shoulders , now obscured on the
chart by a larger one in formation, but shown at the green arrow point of entry. The minimum upside target created by
the RHS was 14234. The high reached so far is 14270, so 800 or so points in 10 hours of sleep/or frantic thumb twiddling
depending on which side of the globe you happen to live.
Interestingly, there is another much larger reverse head and shoulders in formation now....And a break above 14300 will
trigger it, creating a new upside target 2012 points higher still, at 16,312. Look to buy the break or can wait for a retest
of the neck-line from above with stops 200 or so below the neckine which is now being tested as this goes to press. Do
not be scared by any retest we get later on today from above...it's a buying opportunity.

Comment: Support at 14250 -14200 on Bitstamp is buy point ...but it must hold or the neck-line is not formed correctly yet and it can fall away lower...so this long is quite risky because it has not consolidated properly yet....so tight stop just 50 below for small loss if wrong...and if so will look to buy lower
Comment:
Comment: This Bitcoin fire-fight is still raging ...bears in control having forced price below the first lines of support and blowing the stop apart for a 50 point loss as Bitcoin becomes caught in a continuation pattern...good! That's what we look for - should fall away down to the lower parallel and next support at 13962 really - and ideally will fall away in stages back to this lower parallel to give a better entry point - but that's the ideal...doesn't have to - if wrong and it can escape the parallels it's now tracking within earlier than anticipated right now, then we have the signal to get long again on exit. It will likely fly up to 14200 again and maybe reverse back to the parallel it's just broken above and then must hold...the next buy point above here will be when 14220 is broken above if we don't see that test of the lower large parallel at around 13790 first. Ultimately this is going to 16300. So we are looking to get long again as per signals above.
Comment: Bitcoin Continuation pattern
Continuation pattern maybe better defined now...can buy on break above the upper parallel when it comes...or on that retest of the bigger paralllel from lower down if we see it later

Comment: Bitcoin Continuation pattern
Continuation pattern maybe better defined now...can buy on break above the upper parallel when it comes...or on that retest of the bigger paralllel from lower down if we see it later (as below)


Last Update: This Bitcoin fire-fight is still raging ...bears in control having forced price below the first lines of support and blowing the stop apart for a 50 point loss as Bitcoin becomes caught in a continuation pattern...good! That's what we look for - should fall away down to the lower parallel and next support at 13962 really - and ideally will fall away in stages back to this lower parallel to give a better entry point - but that's the ideal...doesn't have to - if wrong and it can escape the parallels it's now tracking within earlier than anticipated right now, then we have the signal to get long again on exit. It will likely fly up to 14200 again and maybe reverse back to the parallel it's just broken above and then must hold...the next buy point above here will be when 14220 is broken above if we don't see that test of the lower large parallel at around 13790 first. Ultimately this is going to 16300. So we are looking to get long again as per signals above.
Comment: Bitcoin Update Bitstamp feed
well the break-out slowly turned into a big fail but once again the parallel it left behind has acted as support to the failure...now it's trying to build a base to break free again...double bottom potentially forming now too....will make another attempt on th neck-line and 14200 - and then breaks free of all this overhead crap once 14220 is broken above for the final buy up to 16300
Bitfinex Feed
A speccy buy on test of the lower big parallel with stops below the line by 50 to 100 points and a safer buy for 2000 points upside when 14050 is broken above and held by the bulls again




Thanks- I follow you closely.
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@JuanitaB, Hey Juanita - depending on level of interest in BTC you can also join the 'other' way for getting updates and even join the group if you'd like to. Cannot mention name but if interested check the top left under big green S on sumastardon page above
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JuanitaB sumastardon
@sumastardon, I did check and am following that discussion too!

I am a new trader and am learning the ropes. Some concepts are not clear to newbies- can I leave a note when that occurs?
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thx.
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