Bitcoin Update The Shape this is Throwing
So far, the parabolic shape Bitcoin is making remains very
encouraging for the future. If it can now hold up today
between the old high area at 7450 and the new parallel , now
at 7425 between now and Tokyo and China opening we could
see some spectacular gains...it just has to hold up now...
Stops for day-traders remain under the parallel by 20 points
or so for now and under 7330 for longer term holders for now.
The last massive surge from 6000 to 7350 came from the East.
They like break-outs - if we hold up today as above Bitcoin
could begin to fly higher, substantially higher. $15,000 looks
like the next big number: 2, 3, 5, 7.5, 15 - let's see.
But we still need to get through today: depends how involved
you want to get from here...it's still in corrective mode just
trading between the high and a recent low at 7474...but WOW
the shape here, if the highs get taken out later on here and
early in China. Suggest increasing holdings if and when
(hopefully) the high is broken again aat 7577 - whether that
happens soon or later. Use a stop under 7450 and it won't get
hit. Good Hunting, once more, with way more potential
upside once we see a break above the highs than yesterday.
Be Lucky.
So far, the parabolic shape Bitcoin is making remains very
encouraging for the future. If it can now hold up today
between the old high area at 7450 and the new parallel , now
at 7425 between now and Tokyo and China opening we could
see some spectacular gains...it just has to hold up now...
Stops for day-traders remain under the parallel by 20 points
or so for now and under 7330 for longer term holders for now.
The last massive surge from 6000 to 7350 came from the East.
They like break-outs - if we hold up today as above Bitcoin
could begin to fly higher, substantially higher. $15,000 looks
like the next big number: 2, 3, 5, 7.5, 15 - let's see.
But we still need to get through today: depends how involved
you want to get from here...it's still in corrective mode just
trading between the high and a recent low at 7474...but WOW
the shape here, if the highs get taken out later on here and
early in China. Suggest increasing holdings if and when
(hopefully) the high is broken again aat 7577 - whether that
happens soon or later. Use a stop under 7450 and it won't get
hit. Good Hunting, once more, with way more potential
upside once we see a break above the highs than yesterday.
Be Lucky.
Trade active:
Reminder Message to the less experienced...you need to check out and study break outs if you haven't already done so...it's nature..is it aggressive, see China break on Bitcoin from 6000 to around 7450 ? Or is a fake-out, where the imaaginary men in black suits and sunglasses take the thing in question to a new high by just a few pips or points (in Bitcoin's case) and then the feeble rally stalls and it starts to come back off below the breakout level by more than a few points (more than 30, 50 max in Bitcoin's unusual case) - if you that kind of price action you need to sell back into the next rally if you then see it sticking and having a problem getting back above the breakout level...it hurts but not as much as a double top does if you leave it and hope! And to add insult to injusry it might now stooge around a little under the original break level and then break up again...only follow it thenif you see a what looks like a strong surge 15 points higher still...on next minor pull back.