Bitcoin BTCUSD Bitcoin and Klondike Compared/Next Buy Points

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Weekend Update - Bitcoin and Klondike Compared - Next Buy Points
After the selling climax reached post S Korean news Bitcoin , if it was to continue acting like text-book version of how a coin
should move, was expected to rally back to the very start point of the rout and then consolidate. Overnight Bitcoin
played by the book. Actually the high on Bitstamp was 14468, some 29 points under the actual point of rout, but not bad.
This beast a proper thorough-bred. Earlier yesterday either you got stopped out at 13700 for 1000 points profit, or if using
the 'other' service which cannot be mentioned by name under threat of yet another ban (see top left of sumastardon page,
under big green S for more details of that if a Bitcoin aficionado) will have managed to exit very close to the top of
the run yesterday at just under 14150 for some 1440 points profit, or 10% of Bitcoin in 12 hours flat. We can make some
serious returns on Bitcoin without ever having to 'own' it for very long...too risky! Trading this monster is in reality way
LESS risky than owning it. Since that trade we have gone long around 13600 and lost 60 points and gone long again from
13417-13370 range with the subsequent low being struck at 13391, right in the centre of the lowest downside target, and
has since rallied overnight to retest the S Korea pre-news level to within those few points at 14437. If you closed out
close to those levels that was fine trading and another 1020 points up to 2400 points 'mined' in just 44 hours or so
of frantically...twiddling our thumbs and hitting a button about 6 times. When you stop to compare the hardships we
have to endure to mine a few points/dollars from the rich seam in the sky to those faced by the men who set out to find
their dreams in, say, the Klondike gold rush it makes the head spin. The risks they took and the broken dreams they took
home with them, if they survived the ordeal, bear no comparison. They were looking for something real ( gold ) and
for the most part couldn't find it. We look for something 'unreal' and seem to find it everywhere. We don't have to
cross oceans and climb 'golden staircases' in deepest winter risking our very lives to find it like some of our ancestors did. Could this have been you in another age?
We can sit at home and watch Bitcoin and chill. Way more exciting than Netflix ever was or could be, no? But there's a
deep irony there too. We are so damn lucky. Do we realise it? Well we really are making it 'real' in some respects. We are
turning something that might still be unreal into something tangible and very real. Bitcoin = points = dollars. E=MC2 for
miners. And so long as we hold the dollars who cares if it's real or not? That is not our problem. Our only 'problem' is
spotting patterns in the seam and trading/mining them. That is all we should be concerned with, pretty much - as well
handling tax returns - which should be quite large unless you're planning ahead...
But back to the now, now. Bitcoin is consolidating overnight gains and now has to push on through that high from overnight and break above 14460 to really power ahead again from here, triggering the next long for 500 points to 14960 - otherwise we wait for lower values. First support is at 14081 but gets stronger at 13965-13900 range ...look to buy the dips still, Bitcoin is beginning to get back on its feet
Comment: It could have been us?
The Golden Staircase, Chilkoot Pass, Klondike
Comment: Nice try, but still not totally clear of the woods yet...that last high is at 14473...that is still 24 points shy of the pre Korean news level - we are still not home and dry until that has been broken above ...but was a nice little rally for day traders
Comment: Bitcoin Buitstamp Feed Updated Chart
Comment: Bitfinex chart for Bitcoin showing positive already...not all the same though.
But if this is giving leading signal then it has to hold up on this retest from above...and if it does it's telling us something, confirming something. Bitcoin is turning back to positive and just has to take out the last streaks of red on left of chart to start gaining more buyers . What was left uncontested has now, just about, been contested over the last few hours (breaks on Bitstamp as per above comments)
Comment: Bitcoin Coinbase Chart Update Key levels and break points
Comment: Bitcoin Back to Bitfinex chart- fairly obviously, except in calm or consolidating conditions when Coinbase and Bitstamp can move in opposite directions in very near term flips - but in a directional move all charts will move together so you can always use one chart's signals (if clearer at the time) to give you a better idea of what's happening under the short term noise - and trade your own exchange right off its back - here the retest as we saw was excellent and the pin bars under the lines show buy point comes on the break (see bitstamp chart above)
Comment: So out of practice that this update below was added to the "Add comment' box below here so many will have missed it. Just a really simple but crucial mistake - it was still bullish but with a caveat - it turned negative again on a break below 13900 and triggered a short back to '13600 minimum and more likely back to 13400-13300 range before looking to buy once more, conditions permitting and showing some support/fight emerging at these levels if struck at any point overnight.' So after a disitrous long from clsoe to the lows and another higher up, both of which lost 50-100 points apiece, the short came good with a 500-600 point win. Not at all what was intended as the day began - but we follow the chart and act on the signals it gives us and that was the result of following the chart yesterday.
Despite spiking lower than this price action this morning has stabilised around the 13300 level and will have encouraged some to get long again - if so raise stop high underneath it as it's likely to come off again from around 13600 on Coinbase and just 50 points higer at max on Bitstamp...close out the long here and will look to buy back lower abagain on the next dip...
Comment: Bitcoin Coming up to the next sell point last blast down from 13417 most likely if very weak and from 13573 highest on Coinbase - this next decline is likely to be the last so will be looking to get long again soon most probably


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