BITCOIN: BTCUSD
BITCOIN: BTCUSD
First, if you got long on the eventual break above 10000 the target was 10436 so we should be flat again.
If you bought the double bottom we were hoping for - at 9472 - well done. The real price action on 30 minute chart shows
that 9400 and just under is where the real action is centred but it was imperfect and so difficult to nail down and so if you
got close to it, well done you. But would advise taking profits if still long now...it's probing resistance just under the 10000
line again and is vulnerable to set-backs whilst still under this level. We are looking for entry levels again, ideally from
another test of 9479-9418 range if we see it with stops under 9360. At all costs 9200 must hold up today on all challenges.
Should it fail at any point Bitcoin will turn very negative again, falling back to 8343 and potentially to 7798 at worst.
This cannot happen whilst 9300-9200 holds up - but we need to be prepared in case it does, is all. It shouldn't but it could.
It's Bitcoin, we need to remember this, every day.
So if we don't get another retest of the lows then the blue support line at 9715 will hold price up and it will then try to
break above the dynamics hanging above it...the big number at 10000 is waiting there just above price too, now.
So surmounting all this overhead resistance power will not be straightforward, most likely. It can move down to make
another triple low at 9470-9418 where we buy with stops under 9360 or it can move sideways for a while until it can
escape the power of those overhead dynamics...a day trade for now selling off 9848 line and buying off 9718 line...any
break of 9700 should send it back to the lows/buying zone.
And any break above 10008 - once free of the overhead dynamic resistance lines can be followed.
Bitcoin is still not out of the woods yet. It has to hold up at 9300-9200 all day on all challenges to make that claim stick
from here. We may yet see a good short develop if 9200 gives way Open minds. it's Bitcoin.
Yesterday's Trades reviewed
At some point Bitcoin was going make a Fibo and the classic number in FX markets is 0.618%. Bitcoin's .618% from the low
of this run at 7880 to the high at 11395 is 9218. The low was 9250. Close. We want it become a major currency. Yesterday
it behaved just like one. In addition the trendline supporting Bitcoin for the longer term, and shown earlier was in fact at
9241 at the time of the low, just 9 points below the actual low. This was my mistake and not the chart's - should have
taken more care over the precise line. My bad made worse by Tradingview doing some upgrade which stopped updates for a
while, right in the thick of the action, too.
So spent all day yesterday trying to catch the proverbial falling knife: two buy points smashed through and 140 points
blown, maximum in the maelstrom. There was a small 85 point win along the way but those brave enough to run a wide
stop under the 9300 buy point were rewarded with a fast 700 point plus gain which was sold at 10000 level and just under.
Then we were looking to enter long again on a break above 10000 for a move up to 10436 where profits were to be
taken. This process lasted until 1.30 am (GMT) when finally Bitcoin, after a long 2 hour period messing with heads, found
equilibrium at 10000 and then confidence began return and the upside target was struck for another 430 points profit if
you managed to stay the course with it. Like landing a leaping marlin: Hard work, but ultimately rewarding. So sorrry was
abed when it happened. Missed a great trade there because, being human, have to sleep sometimes. Unlike Bitcoin which
never stops and costs so much in lost opportunities as a result. But it's the only downside Bitcoin has (so long as 9200
holds up from here, at least).
BITCOIN: BTCUSD
First, if you got long on the eventual break above 10000 the target was 10436 so we should be flat again.
If you bought the double bottom we were hoping for - at 9472 - well done. The real price action on 30 minute chart shows
that 9400 and just under is where the real action is centred but it was imperfect and so difficult to nail down and so if you
got close to it, well done you. But would advise taking profits if still long now...it's probing resistance just under the 10000
line again and is vulnerable to set-backs whilst still under this level. We are looking for entry levels again, ideally from
another test of 9479-9418 range if we see it with stops under 9360. At all costs 9200 must hold up today on all challenges.
Should it fail at any point Bitcoin will turn very negative again, falling back to 8343 and potentially to 7798 at worst.
This cannot happen whilst 9300-9200 holds up - but we need to be prepared in case it does, is all. It shouldn't but it could.
It's Bitcoin, we need to remember this, every day.
So if we don't get another retest of the lows then the blue support line at 9715 will hold price up and it will then try to
break above the dynamics hanging above it...the big number at 10000 is waiting there just above price too, now.
So surmounting all this overhead resistance power will not be straightforward, most likely. It can move down to make
another triple low at 9470-9418 where we buy with stops under 9360 or it can move sideways for a while until it can
escape the power of those overhead dynamics...a day trade for now selling off 9848 line and buying off 9718 line...any
break of 9700 should send it back to the lows/buying zone.
And any break above 10008 - once free of the overhead dynamic resistance lines can be followed.
Bitcoin is still not out of the woods yet. It has to hold up at 9300-9200 all day on all challenges to make that claim stick
from here. We may yet see a good short develop if 9200 gives way Open minds. it's Bitcoin.
Yesterday's Trades reviewed
At some point Bitcoin was going make a Fibo and the classic number in FX markets is 0.618%. Bitcoin's .618% from the low
of this run at 7880 to the high at 11395 is 9218. The low was 9250. Close. We want it become a major currency. Yesterday
it behaved just like one. In addition the trendline supporting Bitcoin for the longer term, and shown earlier was in fact at
9241 at the time of the low, just 9 points below the actual low. This was my mistake and not the chart's - should have
taken more care over the precise line. My bad made worse by Tradingview doing some upgrade which stopped updates for a
while, right in the thick of the action, too.
So spent all day yesterday trying to catch the proverbial falling knife: two buy points smashed through and 140 points
blown, maximum in the maelstrom. There was a small 85 point win along the way but those brave enough to run a wide
stop under the 9300 buy point were rewarded with a fast 700 point plus gain which was sold at 10000 level and just under.
Then we were looking to enter long again on a break above 10000 for a move up to 10436 where profits were to be
taken. This process lasted until 1.30 am (GMT) when finally Bitcoin, after a long 2 hour period messing with heads, found
equilibrium at 10000 and then confidence began return and the upside target was struck for another 430 points profit if
you managed to stay the course with it. Like landing a leaping marlin: Hard work, but ultimately rewarding. So sorrry was
abed when it happened. Missed a great trade there because, being human, have to sleep sometimes. Unlike Bitcoin which
never stops and costs so much in lost opportunities as a result. But it's the only downside Bitcoin has (so long as 9200
holds up from here, at least).
Comment:
Bitcoin: Today willtry to channel Einstein on Bitcoin (some hope) "make everything as simple as possible, but not simpler...eg: e=mc squared. How cool is that equation, even if you don't like mathematics. So elegant.
Bitcoin is strong and a buy above the rising dynamic on any successful retest from above if and when it get broken through to upside.
It is weak and vulnerable whilst below that line and likely to fall away further - currently trading between the lines shown on the chart for day traders...a nice litttle range UNDER the dynamic. Not good for bulls - and it won't be unless they can win this firefight under the line and regain it soon. Maybe over th enxt 24 to 48 hoours we might get a really good entry point from lower down now...that would be worth all this effort...do not be tired by waiting an watching now.
Bitcoin is strong and a buy above the rising dynamic on any successful retest from above if and when it get broken through to upside.
It is weak and vulnerable whilst below that line and likely to fall away further - currently trading between the lines shown on the chart for day traders...a nice litttle range UNDER the dynamic. Not good for bulls - and it won't be unless they can win this firefight under the line and regain it soon. Maybe over th enxt 24 to 48 hoours we might get a really good entry point from lower down now...that would be worth all this effort...do not be tired by waiting an watching now.
Comment:
Bitcoin Update
So far Bitcoin appears to hammering out a continuation pattern UNDER the big green dynamic - extremely bearish continuation pattern...you've seen them all over on the updside, now examine the exact opposite, by the look of it so far anyway. See that hopeful slant upwards off the lows...an inverted flag is forming by the look of it. This means lower prices in due course. It's a sell off the dynamic still for day traders with stops above it and then another sell once the lows are broken. Can possibly have a riot here if you're OK with shorting. And in the end we are really looking to buy this thing at rock bottom prices and sling it in the freezer and forget about it.
That is always the purpose of this hunt in the end. So maybe we'll get that chance in the 8's later on. Just hope if we see it it happens when still awake. Bitcoin!
So far Bitcoin appears to hammering out a continuation pattern UNDER the big green dynamic - extremely bearish continuation pattern...you've seen them all over on the updside, now examine the exact opposite, by the look of it so far anyway. See that hopeful slant upwards off the lows...an inverted flag is forming by the look of it. This means lower prices in due course. It's a sell off the dynamic still for day traders with stops above it and then another sell once the lows are broken. Can possibly have a riot here if you're OK with shorting. And in the end we are really looking to buy this thing at rock bottom prices and sling it in the freezer and forget about it.
That is always the purpose of this hunt in the end. So maybe we'll get that chance in the 8's later on. Just hope if we see it it happens when still awake. Bitcoin!
Comment:
Bitcoin: BTCUSD On the cusp of a great escape...
Unbelievable as usual. That is a downtrend, come on ffs.
MMmmm. It's right in the balance now. It's done an escape act
this once before ...it's Bitcoin. Well at least it was bullish
above the long term dynamic and so it has proved if you used
the line to trade off, it's been good, trustworthy all day.
So now to escape the clutches of the bears who are
desperately clinging to hte great bull's tail trying to drag it
lower here, at the key point...bulls taking alll that's thrown at
them mopping up sales so far...this is turning back from
mildly positive to very positive...if if ..just move sideways out
of the orbit of the line and bam..she'll go...follow it,
especially once it brekaks above 10008 . It ight still get nailed
here, but the longer it stands up here the tougher it looks. Be
prepared and follow it. Unbelievable Bitcoin. All the other
alts depend on this one obviously. If this flies so will the
others, BTG and BCH
Unbelievable as usual. That is a downtrend, come on ffs.
MMmmm. It's right in the balance now. It's done an escape act
this once before ...it's Bitcoin. Well at least it was bullish
above the long term dynamic and so it has proved if you used
the line to trade off, it's been good, trustworthy all day.
So now to escape the clutches of the bears who are
desperately clinging to hte great bull's tail trying to drag it
lower here, at the key point...bulls taking alll that's thrown at
them mopping up sales so far...this is turning back from
mildly positive to very positive...if if ..just move sideways out
of the orbit of the line and bam..she'll go...follow it,
especially once it brekaks above 10008 . It ight still get nailed
here, but the longer it stands up here the tougher it looks. Be
prepared and follow it. Unbelievable Bitcoin. All the other
alts depend on this one obviously. If this flies so will the
others, BTG and BCH
Comment:
So it's fallen away...now let's seee if thedynamic atarts acting as support...if so it is good for day traders again ..should move sideways off the line if it's to stay positive now....sideways out of the sway of this powerful parallel from th e highs...try to keep an eye on this .Either waiting for real successful break of the downtrend line or from much lower still, maybe. But now, the pattern it's making looks like base building before heading higher. It's a good idea to buy on any test of the dynamic just below here now and use a stop 30 or more points lower for small loss if wrong..then increase on a break above the dynamic from high (successfu) don't get trapped messing on the line...wait to see the break if you have teh patience of a big game fisherman, that is. Otherwise buy some with a stop under the parallel and go fishing for real. Be lucky either way
Comment:
Hate to kkep calling wolf but that's the way it is chasing bitcoin all over..she may be about to break...follow if she does and if she doesn't we wait some more..
Comment:
Are you watching this? Right on th eline...super low risk at 30 points stop....may not work, but if we see it keep bouncing ...dayy traer's paradise...so well defined hwere to trade off...buy the next dip with stops...if you haven'tdone already....Be lucky
Comment:
Bitcoin: if the flip below the dynamic whipsawed you out eralier it's stil good from here down to 9723 and likely to break 10008 soon. Or you can wait and buy on the break above 10008 for 430 point move to 10432 minimum and likely back to the highs. Try to buy half position on weakness and again on break above 10008.
Comment:
Last Post: Hopefully you got some already.This test of 10000 would be very cool if it now bounces from there as support, if so sign of more strength, buy more,, increase with stops below 10000 by 50 points
am away tomorrow. This should go to 10432 minimum and likely way way higher. If a swinger stay with it. Be lucky tomorrow!
am away tomorrow. This should go to 10432 minimum and likely way way higher. If a swinger stay with it. Be lucky tomorrow!
The longer term dynamic support has become resistance now and though it willl try to put up a fight this is bear territory below that line, now at 9417. Bitcoin is now weak and vulnerable below that line. Stay short but put a long stop above here for now
It shouldn't trade above 9267 now so shorter stops can be placed above here .
For day traders each of the blue lines can offer support/bounces along the way
WE are now looking for 8343 and potentially 7798 at worst. More as this develops.
Maybe we will be able to catch this near the lows later and bag tag and stick some more in the freezer. Let's see..