W0lfRAider

BTC USD parallel channel resistance - Caution

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
On 15 and 1h frame clearly to see heavy resistance in play now.

Bullish momentum is high, it's not an easy slam dunk winning short. But it's at least caution time. Personally long term holdings are not affected by this possibility of a retrace, with momo so high surprises occur at the upside and you don't want to buy back in higher and chasing. At least I do not want that.

Short term leveraged positions, I call for caution on the long side. Shorts ST, why not if you know how to manage risk.
Comment: Played out according to normal technical patterns I suppose, ma50 was temporary support and afterwards we moved to the under tend line of the channel. That would have been a perfect time to at lest partially close short positions (which I did not take on myself, in hindsight a little bit sad but I had just a little too les reference points é the 3 and 1 min frames and hence not the conviction).

It proved to be support, but bulls should not to drop out of the channel. Otherwise this could get nasty.

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Sorry for typo's or faulty grammar (not a native speaker) in my ideas or subsequent updates/comments. It appears I cannot edit idea updates, hence I need to be more diligent in my future endeavours.
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