BITCOIN: BTCUSD Approaching highs - raise stops now

BITCOIN: BTCUSD
A fantastic day for bulls of Bitcoin has seen it rally back
towards the highs. No stops we hit on longs and after
problems gettting long here on Thursday and staying with it
before stops got hit. Friday was kinder, steadier. We are
many hundreds of points to the good here and need to protect
profits now...See those 3 fantastic continuation patterns it
hammered out during yesterday? Two strikes = 'hot' . All
three times. These are the signals we need to familiarise
ourselves with for the future..if you can
spot these you have a key to the future...For day traders the
nearest support is close at hand, at 11050 - failure here will
mean a quick fall to 10970 - and should that fail it will
comeback to 10638 where it becomes a buy again.
And if Bitcoin can hold up here at first support/11050 it will
then go on to test the high at 11390 - look to close out longs
here and only re-enter long on a break of the highs by 90
points looking to buy again on successful retest with stops
below 11200.
Swing traders who got long from much lower (9400-9500) are
showing about 1600 points of profit now in 25 hours ...use
11000 as a
stop, just under and buy back at 10640 if stopped out now.

Day tarders can use the upper paraallel of the top flag on the chart ...just UNDER 11000

Comment:

It should come off some more from here towards the lower parallel of a quite complex series of flags all with just 2 pin bars at the lows (hot, still) - It doesn't have to do that but would be useful if it did to give a chance of entry from lower. If it doesn't come off that far and finds support on the exit level at 11000 and just under to 10950 it's stong still, no sellers, obviously. ..Can buy back there if it holds up with stops under 10950 , otherwise from lower parallel (circled on chart, later...
On upside, Next buy point comes on a break above the upper parallel of newest/highest potential new flag shown on chart below for fast test of 11385l - look to close out there or just under (depending on how fast it is) ...a chance it will shoot through so some will prefer to hold and wait to see if it can muster the power to break into new high ground....if so we need to to see it hold up close to the highs on a retest - and if closed out at the high only go long again once highs are broken, on any successful early retest. As this is written it's consolidating in the top flag/pennant...day traders can use this for now to trade in and out of at tops and bottoms with tight stops...break to updside follow. Break to downside follow but not aggressively (quickly and nimbly)

@ strikes = Hot , still...lets see

Comment:

Are you watching this...pin bar potential now in 4 minutes of 30 minute chart..tells us next move...be quick to follow it ...those who closed out were meant to buy back on that test (if so with stops 50 points under please)

Comment:

BITCOIN Struggling now under 10852...weak ish under here and Ok above....unless it can push above here it will meet profit takers and start to unwind back to 106378 where it's a buy again but stops need to be below the parallel marked by circles on the chart

Comment:

Circles on Parallel didn't work - the elongated/longest of the series ofparallels at top of chart to avoid confusion. It should hold up off there if 10638 fails at any point

Comment:

Bitcoin: Cranking out a flag still, though the pattern is changing it's still bullish but can back off again from upper parallel...if and when this breaks above it follow or add for test of highs as above comments then..
football..unbelievable match Arsenal V United. UNBELIEVABLE...all you guys over in US who think soccer/football is crap and boring, just watch the second half. Please. It will change your mind for ever. As beautiful as Bitcoin today...catch both!

Comment:

Bitcoin Follow the chart
The flag pattern is loose and not too trustworthy still. Am being told there are 3000 bitcoins for sale between 11200 and up to the highs. That's $30m. A lot more for sale than usual but not big money...we shall see at some point - could be soon and could be not. That's Bitcoin. One thing that has clarified is where the break point to the upside is likely to come if we see it..10976-11000 is the break level. If we see this it's a buy again (chart v impending sales information, let's see) with stops under 10900.
Downside: It's also possible that Bitcoin is forming a minor top here and has to unwind some more yet at basecamp before making the final ascent to the top.
Near term suppport lies at 10852-10833 which is basecamp right now. If the bears can drag it down below here it will fall back to 10638 and look for support again there before trying for the summit once more. If we see this challenge evolve tonight please refer to earlier posts, above, for next move from there.