Bitcoin: BTCUSD
Running out of analogies and cliches to describe price action here. That something so big can act like a penny stock at
points is a reminder to all, as Gekko said, 'Money never sleeps, pal'. Every other currency actually does at least grab
40 winks at the weekend - but Bitcoin's on crack 24/7.
Oh what a killer opportunity we've partially missed as the
Chinese have indeed ripped Bitcoin to shreds overnight, creating the biggest straight line selling climax - probably
since 1929. We were looking for a full blown climax, and we've all been in bed whilst it's blown apart. We were still
running some shorts as no stops had been hit and 6220 was quickly taken down when China opened - so the next target
was a long at 6000 - smashed through like it disn't exist. So we blew 50 points there and should have then switched back to
shorts...the breaking of 6000 unleashed the floodgates and millions of Chinamen who thought Bitcoin could only ever go
up learned another vicious lesson as the market swept them away, greed turning to fear and then massive panic - all in
minutes. So every novice, every weak holder has been flushed out. Our shorts triggered by the fall below 5990 reached a low
at 5555 leaving a spike under the support line at 5637 on chart before ripping in a straight line back to test the
underside of the central parallel precisely before falling away again. That upper parallel is still in control here, as we can
see from the chart.
So if you were still awake to see the climax of the selling am really hoping you took the chance to close out shorts towards
the lows, because if in bed at time and the stop was left at just above 6000 it means we've lost 50 or so points on another
short trade that could have yielded up to another 450 points on the downside. What a bears' picnic. Such is Bitcoin. To be
honest, last night we all should have been doing crack to keep up with Bitcoin just a little longer...if, if ,if
Anyway, we are where we are and some will have profits of 600 points minimum, some 950 (6945 to 6000) and some slick
traders even more - and some have bought back and made....1500 points on downside and now up to 900 points on
the upside from the low at 5555 to 6445 high today so far ...so much has happened...look at the high today, a perfect
hit on the fixed and dynamic lines which stops the rally dead with a big pin bar - so I'd just got up at that moment and it
took 60 seconds to realise the chart was real and this wasn't some weird dream...pice action was crazy but could see that
6445 was the node now, the pivot to the upside, so shot out one line text to say sell again at market with price then at
6300 - if you were around for that and have gone short we can move the stop down now to 6180 to grab a few points profit if
it comes back at us from here...we could be coming to a conclusion soon...watch the lower parallel now...can it hold
up the decline this time around at 6021...? It could flip back up here and look good again...needs to break above the
central parallel still to escape the downtrend, that's the clue to go long for swing traders....need to get this live so will
update again soon...shorts can take quick 250 pointprofit at 6050 as it is sticking here now (day traders can think about
buying at 6050 with stop just below 6000...
Running out of analogies and cliches to describe price action here. That something so big can act like a penny stock at
points is a reminder to all, as Gekko said, 'Money never sleeps, pal'. Every other currency actually does at least grab
40 winks at the weekend - but Bitcoin's on crack 24/7.
Oh what a killer opportunity we've partially missed as the
Chinese have indeed ripped Bitcoin to shreds overnight, creating the biggest straight line selling climax - probably
since 1929. We were looking for a full blown climax, and we've all been in bed whilst it's blown apart. We were still
running some shorts as no stops had been hit and 6220 was quickly taken down when China opened - so the next target
was a long at 6000 - smashed through like it disn't exist. So we blew 50 points there and should have then switched back to
shorts...the breaking of 6000 unleashed the floodgates and millions of Chinamen who thought Bitcoin could only ever go
up learned another vicious lesson as the market swept them away, greed turning to fear and then massive panic - all in
minutes. So every novice, every weak holder has been flushed out. Our shorts triggered by the fall below 5990 reached a low
at 5555 leaving a spike under the support line at 5637 on chart before ripping in a straight line back to test the
underside of the central parallel precisely before falling away again. That upper parallel is still in control here, as we can
see from the chart.
So if you were still awake to see the climax of the selling am really hoping you took the chance to close out shorts towards
the lows, because if in bed at time and the stop was left at just above 6000 it means we've lost 50 or so points on another
short trade that could have yielded up to another 450 points on the downside. What a bears' picnic. Such is Bitcoin. To be
honest, last night we all should have been doing crack to keep up with Bitcoin just a little longer...if, if ,if
Anyway, we are where we are and some will have profits of 600 points minimum, some 950 (6945 to 6000) and some slick
traders even more - and some have bought back and made....1500 points on downside and now up to 900 points on
the upside from the low at 5555 to 6445 high today so far ...so much has happened...look at the high today, a perfect
hit on the fixed and dynamic lines which stops the rally dead with a big pin bar - so I'd just got up at that moment and it
took 60 seconds to realise the chart was real and this wasn't some weird dream...pice action was crazy but could see that
6445 was the node now, the pivot to the upside, so shot out one line text to say sell again at market with price then at
6300 - if you were around for that and have gone short we can move the stop down now to 6180 to grab a few points profit if
it comes back at us from here...we could be coming to a conclusion soon...watch the lower parallel now...can it hold
up the decline this time around at 6021...? It could flip back up here and look good again...needs to break above the
central parallel still to escape the downtrend, that's the clue to go long for swing traders....need to get this live so will
update again soon...shorts can take quick 250 pointprofit at 6050 as it is sticking here now (day traders can think about
buying at 6050 with stop just below 6000...