Today's price action has effectively created another double bottom over a 40 hour period - showing that loss of downward momentum bulls and HODLers have been hoping for. It's the first bullish signal we've seen for days. So we can look to add or follow the next break higher when it comes.
Right now Bitcoin is making a small continuation pattern but so far holding up off the nearest support line at 9150. It can be bought or added to once the upper small parallel is broken on upside with stops under the same line.
In very near term it can spend some more time consolidating and if 9150 gives way should come back to 9012-9000 - so stops on any longs can be raised to just under 9150 looking to buy back at 9012 if struck.
Right now Bitcoin is making a small continuation pattern but so far holding up off the nearest support line at 9150. It can be bought or added to once the upper small parallel is broken on upside with stops under the same line.
In very near term it can spend some more time consolidating and if 9150 gives way should come back to 9012-9000 - so stops on any longs can be raised to just under 9150 looking to buy back at 9012 if struck.
Comment:
16:01 gmt/11:01 est Update via other channel
So a double bottom now. The first positive signal in days. We now need it to break above 9500 to get out of a the range it's in now. That is the next bull signal we need now to know this has bottomed for sure and not now going to get stuck in a range.
So the break higher, whenever that comes, is going to be important to determining the more medium term trend from here. The break must take it above structure highs at 9500. That would be so positive if we see it later or into tomorrow.
It was sweet break when it came, green arrow, nice and clear and straight to the line above...
It's now broken higher still...so very positive again now
So a double bottom now. The first positive signal in days. We now need it to break above 9500 to get out of a the range it's in now. That is the next bull signal we need now to know this has bottomed for sure and not now going to get stuck in a range.
So the break higher, whenever that comes, is going to be important to determining the more medium term trend from here. The break must take it above structure highs at 9500. That would be so positive if we see it later or into tomorrow.
In meantime it's falling away to test the 9012 line and the lower parallel of the little continuation pattern.
It is a speccy buy there with stops underneath 9000 as if it fails it can fall away faster to 8800-8750
Yay Bitcoin !
In meantime it's falling away to test the 9012 line and the lower parallel of the little continuation pattern.
It is a speccy buy there with stops underneath 9000 as if it fails it can fall away faster to 8800-8750
So a double bottom now. The first positive signal in days. We now need it to break above 9500 to get out of a the range it's in now. That is the next bull signal we need now to know this has bottomed for sure and not now going to get stuck in a range.
So the break higher, whenever that comes, is going to be important to determining the more medium term trend from here. The break must take it above structure highs at 9500. That would be so positive if we see it later or into tomorrow.
It was sweet break when it came, green arrow, nice and clear and straight to the line above...
It's now broken higher still...so very positive again now
So a double bottom now. The first positive signal in days. We now need it to break above 9500 to get out of a the range it's in now. That is the next bull signal we need now to know this has bottomed for sure and not now going to get stuck in a range.
So the break higher, whenever that comes, is going to be important to determining the more medium term trend from here. The break must take it above structure highs at 9500. That would be so positive if we see it later or into tomorrow.
In meantime it's falling away to test the 9012 line and the lower parallel of the little continuation pattern.
It is a speccy buy there with stops underneath 9000 as if it fails it can fall away faster to 8800-8750
Yay Bitcoin !
In meantime it's falling away to test the 9012 line and the lower parallel of the little continuation pattern.
It is a speccy buy there with stops underneath 9000 as if it fails it can fall away faster to 8800-8750
Comment:
Bitcoin Coinbase Chart
Looking good now for the week ahead.
But near term it has just done 1200 points on a Sunday lunchtime .
It needs to consolidate but can push to the upper parallel before it does so...day traders may choose to use a trailing stop quite tight under price as it can come right back to the lower parallel again at some point - where it's a buy once more. It should reach 10133 on the next rally.
Bitfinex Chart
Looking good now for the week ahead.
But near term it has just done 1200 points on a Sunday lunchtime .
It needs to consolidate but can push to the upper parallel before it does so...day traders may choose to use a trailing stop quite tight under price as it can come right back to the lower parallel again at some point - where it's a buy once more. It should reach 10133 on the next rally.
Comment:
Bitcoin Bitfinex Happy Monday !
For once this hardly really needs updating. Should rally to first target at 10112 later today but is once more a little extended and can spend time consolidating - quite a long time if it wants - beofre rallying again. Just
stick with it or look to add on dips.
For once this hardly really needs updating. Should rally to first target at 10112 later today but is once more a little extended and can spend time consolidating - quite a long time if it wants - beofre rallying again. Just
stick with it or look to add on dips.
Nice break right to the line - daytraders closing and will look to get back in again lower.
the 9493 to 9500 levels are everything now....as above