BITCOIN: BTCUSD This thing just will not quit - that rare beautiful thing - a parabola in play - in probably the final vertical crazy phase (think internet v1) - it's going to blow off soon now...but where???
Trade active:
Bitcoin is in danger here at 2500 and just under...look for it to come back further now, to 2300, and maybe 2000 where it becomes a buy again
Did you use the steepest trend line as your exit? It was the best thing we had to keep a handle on this monster. Was
looking for this come back to 2200 and hopefully 2000 to re-enter long but it could be making a fairly typical reversal
pattern here ...it's weak whilst below the trend line that's now rejecting it but nevertheless trying to build a right
shoulder at 2420 to prop itself up with...it's therefore giving mixed signals right now that will turn bullish again once it
gets above the trend line and bearish if it breaks below 2420-2400. It would be so excellent if this was the half way point
in the fall and it came back to test that lower trend line just under 2000 to give a great entering point again - but if this
shoulder formation holds up at 2400 and above that ain't going to happen...and will be confirmed once it can get enough
power back to move above the trend line immediately above it.
So if you've been looking for a chance to ride this tiger either wait for a further fall, which will not occur whilst 2400 holds,
or wait until you see it above 2535 and then using the same line as support...only then is it reasonably safe to go long
again with stops some distance below the line at that point in time.