Bitcoin Saturday Update and Next Trade Points
Bitcoin went into the weekend looking like it was just a matter time before it broke lower still. All that consolidation below structure to the left of price was saying that no-one wanted Bitcoin above 6666. By 22:00 gmt this level really had taken on major significance. The number of the beast or no, it was also now the dividing line between Bitcoin staying negative and flipping back to positive.
Then at around 01:50gmt there was a massive whale attack.
And although primed for just such an event this weekend, we've never seen an attack out of far East like this for months now. It was big volume - a serious attack.
The trigger for the next long was a break above 6670. Since then Bitcoin has surged up to test the junction of the fixed and dynamic resistance lines at 6909 with an intra day high at 6917 on Bitfinex.
Now it needs to consolidate some more and is doing so by unwinding in a 100 point range with support underneath provided by the 6817 line here.
Can either close out here around 6868 for 218 points profit overnight or stay with it with a stop under 6800 for 120 or so profit if struck.
Am doing former as it's the weekend, looking to re-enter long only once 6909-6950 range is broken above, looking for a rough 400 point rally to 7266 minimum and more likely to 7431.
On downside support at 6818-6800 line must continue to hold up on retests today for Bitcoin to remain positive from here.
A break below 6800 will tip Bitcoin back into bear territory and trigger the next near term short from here if we see it, back to 6666 - where it should bounce again.
We are still stuck in the range with the weekend ahead. Unless 6950 can be broken above that looks likely to remain the case for a while longer this weekend - but with some decent near term trading opportunities ahead of us all the same.
Bitcoin went into the weekend looking like it was just a matter time before it broke lower still. All that consolidation below structure to the left of price was saying that no-one wanted Bitcoin above 6666. By 22:00 gmt this level really had taken on major significance. The number of the beast or no, it was also now the dividing line between Bitcoin staying negative and flipping back to positive.
Then at around 01:50gmt there was a massive whale attack.
And although primed for just such an event this weekend, we've never seen an attack out of far East like this for months now. It was big volume - a serious attack.
The trigger for the next long was a break above 6670. Since then Bitcoin has surged up to test the junction of the fixed and dynamic resistance lines at 6909 with an intra day high at 6917 on Bitfinex.
Now it needs to consolidate some more and is doing so by unwinding in a 100 point range with support underneath provided by the 6817 line here.
Can either close out here around 6868 for 218 points profit overnight or stay with it with a stop under 6800 for 120 or so profit if struck.
Am doing former as it's the weekend, looking to re-enter long only once 6909-6950 range is broken above, looking for a rough 400 point rally to 7266 minimum and more likely to 7431.
On downside support at 6818-6800 line must continue to hold up on retests today for Bitcoin to remain positive from here.
A break below 6800 will tip Bitcoin back into bear territory and trigger the next near term short from here if we see it, back to 6666 - where it should bounce again.
We are still stuck in the range with the weekend ahead. Unless 6950 can be broken above that looks likely to remain the case for a while longer this weekend - but with some decent near term trading opportunities ahead of us all the same.
Comment:
Someting happened that should alert traders to the next potential move to the upside - worth following long if we see it - could maybe set up an alert?
Bitcoin.
Wow. Something actually happened.
It's triggered a short from 6800 with a stop 50 higher - screw that - am closing out as it looks fake and there's a spike under price already- have closed
Should come back to 6800 to get back out close to even but that's a big spike forming and it's likley it won't come back far now - to 6800 and bounce.
We may get that break out higher later too if that spike is anything to go by.
Bitcoin
Should halt at 6850
Bitcoin
this may take a little time to resolve but that spike is eerily similar to the other green arrow/spike below it.
Cannot tust the declines now as a result.
And whilst the jury is still out we have a clue now that this is accumulation potentially and not distribution here.
It means we have to be even more alert to the potential for a break out to the upside - most are bearish now.
It could be surprisingly rewarding as a result.
Doesn't have to happen but the odds have increased over the last hour in the bulls' favor.
as before
...one more whale attack now or from 6800 later that can trigger a rise through the falling dynamic here on Bitfinex and that is then sustained above the 6900 line on any retest from above once broken would be worth following long.
Otherwise wait for a break above 6950 with stop 60 or more lower.
If we do see such a break it should be worth following to 7266 minimum and 7450 maximum .
* For updates and trading alerts in real-time please see top-left, main page for link
Bitcoin.
Wow. Something actually happened.
It's triggered a short from 6800 with a stop 50 higher - screw that - am closing out as it looks fake and there's a spike under price already- have closed
Should come back to 6800 to get back out close to even but that's a big spike forming and it's likley it won't come back far now - to 6800 and bounce.
We may get that break out higher later too if that spike is anything to go by.
Bitcoin
Should halt at 6850
Bitcoin
this may take a little time to resolve but that spike is eerily similar to the other green arrow/spike below it.
Cannot tust the declines now as a result.
And whilst the jury is still out we have a clue now that this is accumulation potentially and not distribution here.
It means we have to be even more alert to the potential for a break out to the upside - most are bearish now.
It could be surprisingly rewarding as a result.
Doesn't have to happen but the odds have increased over the last hour in the bulls' favor.
as before
...one more whale attack now or from 6800 later that can trigger a rise through the falling dynamic here on Bitfinex and that is then sustained above the 6900 line on any retest from above once broken would be worth following long.
Otherwise wait for a break above 6950 with stop 60 or more lower.
If we do see such a break it should be worth following to 7266 minimum and 7450 maximum .
* For updates and trading alerts in real-time please see top-left, main page for link
Comment:
Bitcoin.
Wow. Something actually happened.
It's triggered a short from 6800 with a stop 50 higher - screw that - am closing out as it looks fake and there's a spike under price already- have closed
Should come back to 6800 to get back out close to even but that's a big spike forming and it's likley it won't come back far now - to 6800 and bounce.
We may get that break out higher later too if that spike is anything to go by.
Bitcoin
Should halt at 6850
Bitcoin
this may take a little time to resolve but that spike is eerily similar to the other green arrow/spike below it.
Cannot tust the declines now as a result.
And whilst the jury is still out we have a clue now that this is accumulation potentially and not distribution here.
It means we have to be even more alert to the potential for a break out to the upside - most are bearish now.
It could be surprisingly rewarding as a result.
Doesn't have to happen but the odds have increased over the last hour in the bulls' favor.
as before
...one more whale attack now or from 6800 later that can trigger a rise through the falling dynamic here on Bitfinex and that is then sustained above the 6900 line on any retest from above once broken would be worth following long.
Otherwise wait for a break above 6950 with stop 60 or more lower.
If we do see such a break it should be worth following to 7266 minimum and 7450 maximum .
Two one hour green candles is usually the near term limit to most moves higher - but this break higher is yet another positive sign today.
We now have a good double bo=ttom in place over a 5 day span.
Most of the market is bearish, expecting a test of 6000 or lower.
Not in the forseeable future now.
This could even be THE low.
Too early to say - but we're long and can stay that way with a stop under 6980 - or buy again on a test of the lower parallel at 6909 level and thereabouts later on if touched.
Bitcoin only turns negative again from here if the lower rising parallel fails at any point from here.
It's finally back to buying dips.
Be lucky.
Wow. Something actually happened.
It's triggered a short from 6800 with a stop 50 higher - screw that - am closing out as it looks fake and there's a spike under price already- have closed
Should come back to 6800 to get back out close to even but that's a big spike forming and it's likley it won't come back far now - to 6800 and bounce.
We may get that break out higher later too if that spike is anything to go by.
Bitcoin
Should halt at 6850
Bitcoin
this may take a little time to resolve but that spike is eerily similar to the other green arrow/spike below it.
Cannot tust the declines now as a result.
And whilst the jury is still out we have a clue now that this is accumulation potentially and not distribution here.
It means we have to be even more alert to the potential for a break out to the upside - most are bearish now.
It could be surprisingly rewarding as a result.
Doesn't have to happen but the odds have increased over the last hour in the bulls' favor.
as before
...one more whale attack now or from 6800 later that can trigger a rise through the falling dynamic here on Bitfinex and that is then sustained above the 6900 line on any retest from above once broken would be worth following long.
Otherwise wait for a break above 6950 with stop 60 or more lower.
If we do see such a break it should be worth following to 7266 minimum and 7450 maximum .
Two one hour green candles is usually the near term limit to most moves higher - but this break higher is yet another positive sign today.
We now have a good double bo=ttom in place over a 5 day span.
Most of the market is bearish, expecting a test of 6000 or lower.
Not in the forseeable future now.
This could even be THE low.
Too early to say - but we're long and can stay that way with a stop under 6980 - or buy again on a test of the lower parallel at 6909 level and thereabouts later on if touched.
Bitcoin only turns negative again from here if the lower rising parallel fails at any point from here.
It's finally back to buying dips.
Be lucky.
Comment:
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Updates Today
Bang on the support lines and old dynamic intersection. Cannot crack unless that line gives way - stops just below as per last comment - if struck looking to buy the retest of the lower parallel and may short for 90-110 points max back to 6900 if it doesn't fall away too fast to catch it first.
So far though it's holding up on the line and cannot be shorted from here
Can buy again on break of the little dynamic holding back price now fo- with stop below the 7000 line if struck.
Bitcoin Update and charts
...looks to be making 4th minor wave down - and being bought - follow break above 7005 on Bitstamp if we see it - if triggered stop below 7000 by 20 or so points
Bitfinex chart
Coinbase Update
Updates Today
Bang on the support lines and old dynamic intersection. Cannot crack unless that line gives way - stops just below as per last comment - if struck looking to buy the retest of the lower parallel and may short for 90-110 points max back to 6900 if it doesn't fall away too fast to catch it first.
So far though it's holding up on the line and cannot be shorted from here
Can buy again on break of the little dynamic holding back price now fo- with stop below the 7000 line if struck.
Bitcoin Update and charts
...looks to be making 4th minor wave down - and being bought - follow break above 7005 on Bitstamp if we see it - if triggered stop below 7000 by 20 or so points
Bitfinex chart
Coinbase Update
Comment:
Bitcoin Sunday Trade Points
Well, the long triggered from 7005 was a bad trade- but the stop was just under 7000 so at least the loss was small - sorry for that.
Bitcoin hasn't done much though overnight, staying largely neutral.
It still looks capable of flipping either way from here so we need to be prepared for both eventualities.
It has not fallen away overnight, but instead formed new parallels on all 3 charts.
On upside has to break above 7010 to trigger a long with stops 60 or more lower .
And on downside Bitcoin has to break the lower parallel to start falling away harder from here - then has to break below 6890 to trigger a short with stops above 6935.
But until we see either eventuality Bitcoin is overall dull/neutral.
Bitfinex Chart Update
Coinbase Chart Update
Bitstamp Chart Update
Well, the long triggered from 7005 was a bad trade- but the stop was just under 7000 so at least the loss was small - sorry for that.
Bitcoin hasn't done much though overnight, staying largely neutral.
It still looks capable of flipping either way from here so we need to be prepared for both eventualities.
It has not fallen away overnight, but instead formed new parallels on all 3 charts.
On upside has to break above 7010 to trigger a long with stops 60 or more lower .
And on downside Bitcoin has to break the lower parallel to start falling away harder from here - then has to break below 6890 to trigger a short with stops above 6935.
But until we see either eventuality Bitcoin is overall dull/neutral.
Bitfinex Chart Update
Coinbase Chart Update
Bitstamp Chart Update
Bitcoin volatility now at a 2108 low
The range is the narrowest in recent memory. Bitcoin is super neutral as a result.
Even the bots are struggling now.
It should come off more but there's no selling as yet. Has to move below 6800 still to trigger a worthwile short back to 6670-6660-6600 range.
And on upside, be aware that one more whale attack now or from 6800 later that can trigger a rise through the falling dynamic here on Bitfinex and that is then sustained above the 6900 line on any retest from above once broken would be worth following long.
Otherwise wait for a break above 6950 with stop 60 or more lower.
If we do see such a break it should be worth following to 7266 minimum and 7450 maximum .
Bitcoin Coinbase Chart Update
Bitstamp Chart Update