Bitcoin Update Breaking Bad
The dynamic that had been underpinning the rally yesterday
finally broke around the 7960 level triggering long stops and
the reversal point for day traders to flip back to short. The
subsequent high was 8006 so stops placed 50 higher came very
close to being hit but stayed good, just.
But swings were left waiting for a break below 7700 on
Bitfinex to follow short.
This break should lead to a decline back to 7221 where can
look to close out again, but ready to short again once 7200 is
broken looking for 6000 retest.
On upside initial resistance lies at 7620, (nearest stop for
shorts just above here now) and getting stronger at 7695. The
upper parallel should halt all rallies at best today before
Bitcoin begins to fall away again.
We can continue to sell rallies until the downside targets are
met.
The dynamic that had been underpinning the rally yesterday
finally broke around the 7960 level triggering long stops and
the reversal point for day traders to flip back to short. The
subsequent high was 8006 so stops placed 50 higher came very
close to being hit but stayed good, just.
But swings were left waiting for a break below 7700 on
Bitfinex to follow short.
This break should lead to a decline back to 7221 where can
look to close out again, but ready to short again once 7200 is
broken looking for 6000 retest.
On upside initial resistance lies at 7620, (nearest stop for
shorts just above here now) and getting stronger at 7695. The
upper parallel should halt all rallies at best today before
Bitcoin begins to fall away again.
We can continue to sell rallies until the downside targets are
met.
Comment:
Comment:
Bitcoin Updates Today
(for fastest updates in real-time please see link, top-left of main page)
12:44gmt 07:44est
Little double bottom - some day traders closing out shorts and hoping to get short again from 7500 if it can rally a little further first. Otherwise lower short stop again to 7570. It has to move above 7530 and hold up there on retests to trigger more strength up to 7695 and the upper parallel at best before falling away again
14:24gmt 09:24 est
Bitcoin Bitfinex Update
Moving stop on remaing short down to 7542 ready to flip long for potential counter rally with a stop below 7500
14:39gmt 09:39 est
That was close. 7537 high so far - not out woods yet but it's trying still - rest as above
Bitfinex Update Now
(for fastest updates in real-time please see link, top-left of main page)
12:44gmt 07:44est
Little double bottom - some day traders closing out shorts and hoping to get short again from 7500 if it can rally a little further first. Otherwise lower short stop again to 7570. It has to move above 7530 and hold up there on retests to trigger more strength up to 7695 and the upper parallel at best before falling away again
Bitcoin Bitfinex Update
Moving stop on remaing short down to 7542 ready to flip long for potential counter rally with a stop below 7500
That was close. 7537 high so far - not out woods yet but it's trying still - rest as above
Bitfinex Update Now
Comment:
A double bottom with 11 days between the lows. An eternity in Bitcoin-time.
Has to break and hold above 7575 on Coinbase to trigger more buyers and start flipping stops just above here. Then we might start to see a decent counter-rally start to kick in. If we see it, look to follow with stops below 7495 .
On downside, this 7316 to 7300 range is now critical to the near term, being the last lines of defense left for the bulls of any significance above 6000.
Any break below 7300 by 10 points or more at lowest will tip Bitcoin back into bear hands yet again, triggering the next short. if so trail the stop above it in case it holds at 7230 level which has little significance on this chart but does on the futures.
Has to break and hold above 7575 on Coinbase to trigger more buyers and start flipping stops just above here. Then we might start to see a decent counter-rally start to kick in. If we see it, look to follow with stops below 7495 .
On downside, this 7316 to 7300 range is now critical to the near term, being the last lines of defense left for the bulls of any significance above 6000.
Any break below 7300 by 10 points or more at lowest will tip Bitcoin back into bear hands yet again, triggering the next short. if so trail the stop above it in case it holds at 7230 level which has little significance on this chart but does on the futures.
Comment:
Right up to the line at 7551 but no further yet.
But it's a big double bottom and some are understandably shell-shocked.
Nevertheless we need to be ready to get long as above if we see the trigger pulled later. Until we do this rally cannot be trusted yet.
But it's a big double bottom and some are understandably shell-shocked.
Nevertheless we need to be ready to get long as above if we see the trigger pulled later. Until we do this rally cannot be trusted yet.
Comment:
For the record: the low today was called on the other channel earlier but was never uploaded here. My bad.
Hopefully you'll know by now that if you need fastest updates available in real time for Bitcoin you can get them via the Tg channel (link at top left of main page)
Coinbase. On next support line - short term bounce
Bitcoin Update
Got to go out so almost inevitable we get a move coming soon!
In no mans land half way between the range that triggers the next trades from here - if still short it's not easy to choose where to stick the stop now - just above 7450 and no higher than 7551-7560 on Coinbase ready to flip long. Has to break and hold above 7575 on Coinbase to trigger more buyers and start flipping stops just above here. Then we might start to see a decent counter-rally start to kick in. If we see it, look to follow with stops below 7495 .
On downside, this 7316 to 7300 range is now critical to the near term, being the last lines of defense left for the bulls of any significance above 6000.
Any break below 7300 by 10 points or more at lowest will tip Bitcoin back into bear hands yet again, triggering the next short. if so trail the stop above it in case it holds at 7230 level which has little significance on this chart but does on the futures.
www.tradingview.com/x/lECHcd
Hopefully you'll know by now that if you need fastest updates available in real time for Bitcoin you can get them via the Tg channel (link at top left of main page)
Coinbase. On next support line - short term bounce
Bitcoin Update
Got to go out so almost inevitable we get a move coming soon!
In no mans land half way between the range that triggers the next trades from here - if still short it's not easy to choose where to stick the stop now - just above 7450 and no higher than 7551-7560 on Coinbase ready to flip long. Has to break and hold above 7575 on Coinbase to trigger more buyers and start flipping stops just above here. Then we might start to see a decent counter-rally start to kick in. If we see it, look to follow with stops below 7495 .
On downside, this 7316 to 7300 range is now critical to the near term, being the last lines of defense left for the bulls of any significance above 6000.
Any break below 7300 by 10 points or more at lowest will tip Bitcoin back into bear hands yet again, triggering the next short. if so trail the stop above it in case it holds at 7230 level which has little significance on this chart but does on the futures.
www.tradingview.com/x/lECHcd
Comment:
Bitcoin Update
Has fallen to an intra-day low at 7248, sone 27 points or so above the target here on Bitfinex at 7221.
This is the final support of any significance left above 6000 nowon this feed and ties in quite closely with futures level at 7228 (low there at 7225)
A break below 7200 on either triggers the next short/add back to 6000 from here
Futures Feed - For Confirmation of next signal
Has fallen to an intra-day low at 7248, sone 27 points or so above the target here on Bitfinex at 7221.
This is the final support of any significance left above 6000 nowon this feed and ties in quite closely with futures level at 7228 (low there at 7225)
A break below 7200 on either triggers the next short/add back to 6000 from here
Comment:
Nearest stop for shorts still in position is 7174 - day traders may prefer to drop the stop even lower as it's sticking at 7077 in very near term.
Day. traders are using the range to trade between. Can do same if day trading too,