sumastardon

Bitcoin BTCUSD Next Buy Points for Monday

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Monday Update Next Buy Points on Monday
Those that ran a trailing stop 50 or so points under the little
dynamic supporting the lows of the day yesterday will have
been stopped out around 11500 for 400 or so points profit. 4%
returns on a slow Sunday is not bad but it was a hard grind
battling against the bots. Bitcoin has encountered upside
problems all night long, unable to push above the rising
parallel which it lost yesterday morning and has struggled
beneath it ever since. It topped out at around 04 est /23est
and has since started to form yet another small continuation
pattern below the same old parallel. Once again Bitcoin is
trying to form yet another a bull flag now. To stay good from
here it has to hold up off the lower little parallel of the flag
formation and start to rally from here again - this is a speccy
buy off the lower parallel with stops under the same parallel
for a small loss if wrong. Otherwise we wait for the upper
parallel to be broken on the upside to follow long again or
add. We know this process can be mercifully quick if the flag
is to stay good from here - and if not and no buyers appear
soon to take the price back up it can drag on for hours more
yet and start forming a longer-lasting continuation pattern as
yesterday. And as yesterday, and most days recently, we need
to stay patient, but ready to act when the signal we are
waiting for is given to do so.
Downside is being constrained by the lower parallel of the
embryonic flag formation - Bitcoin would have to break below
this line to turn negative again from here - so cannot be
shorted unless we see this parallel fail from here.
Comment: Update
if you bought the speccy low it's touching the top of the flag now. Can close out and use the profit as stop on next trade which could be soon and may also take some more time yet to trigger: follow the break higher with stops 50 or so under the upper parallel of the flag


Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.