Bitcoin: BTCUSD Looking Up - Next Buy Points Today
Having spent the overnight session in far East with no buyers or real interest Bitcoin drifted as a consequence. But the good
news was it didn't crash ...that is a massive positive sign that whilst it was getting tired overnight, it wasn't getting rejected
and sold off - just neglected more than rejected. Good for the bulls here. Overnight it has also completed a 4 sections down
move, similar to previous down-moves in this run though not so well defined as the last couple, but still similar. And now in
London it has been bought once more. Usual 'Tokyo Drift' overnight then met with some serious buying out of Europe at
8.30 utc. This break-out, although consolidating now, is a good one by the looks of it. To break out from here and try to
leave all the structure to its left is the first really bold move Bitcoin has made for a couple of days - all price action up to
this point has been consolidating in nature - it's done well and the bulls are beginning to win this 800 point argument that's
been raging for these last 2 days. But right now it's showing spikes on the 15 minute chart on and is liklely to
come off some more - the pattern we were looking for has emerged overnight and been broken decisively to updside by
this morning's price action - if day trading you will probably have already bought the break out and now will likely have
sold (spikes showing and it's hit clear resistance line on too) If so, good trading! And if not, it's OK too, it's
been and gone and there will be another one coming soon - and so we look to buy the dips again
Bitfinex. So this is typical of recent days...spent most of yesterday rejecting Bitfinex chart for signals...and just look what it's done overnight....the pattern that was so hard to discern 12 hours or so ago is now clear as a bell! But the breakout on this charts comes very late compared to Coinbase which is just excellent for getting the break early, and not late as here...
Different charts and different signals coming too damn late on this feed...Buy the dips ...and we've just had one back to first support line here
Coinbase Chart Update Good pattern here - we see quite a few continuation patterns like this (clear channel but with one violation that creates a small double bottom on the following decline...then a break out and retest first here of the parallel it has broken above - and then the rally...so we look to buy this dip coming...
This has been as good today as it was bad yesterday. It dipped back to support earlier on to give a 2 great chances of entry as it touched fixed and dynamic support lines. Bitcoin stays good whilst tracking within the parallels but turns negative again when and if it loses the lower parallel, and simply by looking back at the chart here we all know how it tends to behave once it does lose the lower parallel. So we stay long for now but ready to exit if the lower parallel breaks at any point later today...
Coinbase Chart Update - same as Bitfinex for positions
Bitstamp Same again
This is running a 500 point profit today on Bitfinex, even if late to the rally this morning it still gave chances to buy at 8157 line and just above - and now trading at 8675 it's time to either cash out or put a stop just under 8600 to run it and still trap most of the rally in even if it does fail due to lack of buying power as we move over continents...choice is yours