The break stayed good overnight and the far East bought
into it too...not massively but still a good sign of returning
confidence world-wide as all the bad news begins to dry up.
This break out is so important and so far technically perfect
on Coinbase chart - and shows how, once price beat the last
dynamic above it Bitcoin surged upwards, shackles undone.
The next part of the Bitcoin puzzle is to look more closely at
the reverse to see how likely it is to be
trustworthy from here. First off the last one failed - and
actually went on to form the right hand shoulder of this larger
RHS - whilst Bitcoin was still in the middle of a downtrend,
which with today's price action is now effectively over - the
only disconcerting thing about this RHS is that it's a little too
prefect technically. Can it be too good to be true? Too
obvious? Why? On The Coinbase chart this reverse head and
shoulders has a minimum upside of 3216 points added to the
break out level/neck-line at 8874 - creating a minimum
upside target at 12090 on Coinbase. Stay with it
04:40 est Update
Just about to touching resistance line and going to meet profit taking ....up to you if day trading whether to close out and look for lower prices again from here...if a swing trader suggest staying with it although it is likely to come off some
07:13 est Update
Today, so far, the Bitstamp chart is giving best signals but all are beginning to shape up as each day goes by and trading within 35 points of eachother now...
Bitstamp chart shows one old dynamic line right above the high today - that line is old support line off the old lows and it's just clipped the top here (about 10 points out in fact) but interesting that this old support has once again become nearterm resistance at excactly the same point in time when Bitcoin hit fixed resistance at 9934 on this chart. In doing so it's triggered a lot of day traders into taking profits and flipped it back to the first support line where it's attracting buyers again - spikes above and below shows the battle is undecided and may go on some time yet - if you manged to close out and buy back off the support line then that has to be close to a perfect trade...so far...and so long as 9495 line holds up from here it will stay good. The dynamic support line which was regained after yesterday's battles should hold up on retests today and it lies at 9385 right now - maybe Bitcoin will move sideways towards it at worst but so long as it holds today Bitcoin stays good from here
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Running back up to the highs off a small dynamic support line runnung under the lows - some day traders who bought again off the 9461 line will close out again towards the highs - others may use the dynamic as final exit - these choices are up to the individual. If it loses the dynamic it will unravel a little but looks unlikely to break below 9496-9450 levels if it does - there should be a lot more upside from here though. How you prefer to trade it up to you. But for the forseeable future this is a buy dips market. That only changes if the lower larger dynamic gives way at any point from here.