BItcoin: BTCUSD Tracking within the the parallel, still steady
Bitcoin Dollar BTCUSD Steadily grinding higher within the parallels
Lost the track of this yesterday, getting precise angle of the
parallels out by a critical couple of degrees. It meant the
break of the parallel yesterday was out and so far no bears
have dared to challenge this ascent. Very bad and it means
that wins here on the day were severely eroded by bad calls
off a badly drawn parallel that was still shaping itself into
perfection during the day. The idea was to buy off the
parallel and only turn negative again once the parallel was
broken. Right idea/ wrong parallel.
Well now the parallel looks very trustworthy. There are 4
parallels now, with margins of error denoted by the two
outside parallels. Bitcoin is still a buy off any retest of the
lower parallels. It becomes a major short again only when the
lowest parallel is broken to the downside. It should then
become resistance on retests, showing that the trend is now
turning negative in the near term and finally opening the door
to bear territory in the nearer term.
First support lies at 9715 - a brek below here triggering a good
shorting opportunity back to 9365 at least and quite likely to
9036 before the rally recommences.
Lost the track of this yesterday, getting precise angle of the
parallels out by a critical couple of degrees. It meant the
break of the parallel yesterday was out and so far no bears
have dared to challenge this ascent. Very bad and it means
that wins here on the day were severely eroded by bad calls
off a badly drawn parallel that was still shaping itself into
perfection during the day. The idea was to buy off the
parallel and only turn negative again once the parallel was
broken. Right idea/ wrong parallel.
Well now the parallel looks very trustworthy. There are 4
parallels now, with margins of error denoted by the two
outside parallels. Bitcoin is still a buy off any retest of the
lower parallels. It becomes a major short again only when the
lowest parallel is broken to the downside. It should then
become resistance on retests, showing that the trend is now
turning negative in the near term and finally opening the door
to bear territory in the nearer term.
First support lies at 9715 - a brek below here triggering a good
shorting opportunity back to 9365 at least and quite likely to
9036 before the rally recommences.