sumastardon

Bitcoin BTCUSD Happy Monday for Bullish Week Ahead

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin Bitfinex Happy Monday !
For once this hardly really needs updating. Should rally to
first target at 10112 later today but is once more a little
extended and can spend time consolidating - quite a long time
if it wants - before rallying again. Just stick with it or look to add on dips.
It should rally to 10448 and then 11590-11620 later this week.
Comment: So big apologies needed now for poor call today. My bad
The first big reds since Saturday.
At least the next long didn't trigger first - it came close too.
But, easy to say now of course, should have gone with Saladin today and shorted with stops above 9914 line here on Coinbase... doh
The bull engulfing red forming is powerful and looks full of intent coming straight out of Wall St opening. It's trying to stabilise around 9200 but the pattern is not clear enough to trade right now. The red streak is a warning signal though and looks too strong to fight - so am not looking for a buy right now even though it's trying to rally. We have to follow the chart and not our heart, unfortunately. And it looks like there could be another sell off later after this rally attempt fails. Upside looks limited - best case now in very near term/next few hours at most, it can begin to make a rising continuation pattern towards 9514 line and the upper parallel but is likely to get sold off again from there at best.
So cannot flip back to full-on bullish again until 9514 is retaken and held by the bulls once more.
On downside, the trigger for next near term short comes on a break below 9200 here on Coinbase chart looking for a fall through the support lines down to 8670 line and the junction with the tentative dynamic rising from recent lows.
Still believe the rally which began yesterday - when Wall St was still asleep - has more upside in it.
But today's massive rejection on US open urges caution in the very near term. This range between 9200 and 9500 belongs to day traders. Others can look to step back in short on a break below 9200 with stops 50 higher. And on upside only when 9514 and the upper parallel is retaken and held by the bulls again with stops 50 lower.
Coinbase Chart Update
Bitfinex Chart Update