Bitcoin BTCUSD Trying Hard to Change Trend
Bitcoin broke above the 9537 line here and then moved up to
testthe upper parallel, making an 02:15gmt/21:15est high
within the first hour of far East opening before falling away
\again to an 08:15gmt/03:15est low right on the blue support
line at 9373 before bouncing again on European interest at the
lower levels. Now it's bounced to touch the first line of
resistance at 9537 once more and day traders are taking a fast
200 point win and cashing back out again many of whom have
shorted at the usual 06:00gmt traditional short time and made
200 down and now 200 up again. At the moment Bitcoin is still
in day-traders' and scalpers' territory with no killer swings to
trade as yet. It's still trapped in a downtrend but is at least
trying to form a higher low so far today and therefore showing
first signs that this downwave is running out of downside
momentum. In very near term it's gone into a small
continuation pattern and is trying to break above the 9537
line where fixed and dynamics converge - tiny pins below and
above price forming on 15 minute chart meaninga big battle is
raging below the surface here.
Things only begin to turn positive again now when the 9537
line is retaken and held by the bulls - that will likely lead to a
test of the upper parallel again at 9682-9715 - and then the
big test...Bitcoin has to break and hold above the 9715 level
before the last bear will back off. It would be yet another
brilliant escape act by Bitcoin if it can manage this at any
point today, attracting every bull still left in town back to the
game and should be followed higher if we see this price action
develop.
But until then Bitcoin is effectively trapped at these lower
levels and the downtrend remains in force - but it's not super-
bearish here, just mildly so - and so we need to watch it here
to see if it tries to break above the smallest parallel of the
continuation pattern - if so can follow with stops below 9480.
Otherwise we wait for lower values still.
Bitcoin broke above the 9537 line here and then moved up to
testthe upper parallel, making an 02:15gmt/21:15est high
within the first hour of far East opening before falling away
\again to an 08:15gmt/03:15est low right on the blue support
line at 9373 before bouncing again on European interest at the
lower levels. Now it's bounced to touch the first line of
resistance at 9537 once more and day traders are taking a fast
200 point win and cashing back out again many of whom have
shorted at the usual 06:00gmt traditional short time and made
200 down and now 200 up again. At the moment Bitcoin is still
in day-traders' and scalpers' territory with no killer swings to
trade as yet. It's still trapped in a downtrend but is at least
trying to form a higher low so far today and therefore showing
first signs that this downwave is running out of downside
momentum. In very near term it's gone into a small
continuation pattern and is trying to break above the 9537
line where fixed and dynamics converge - tiny pins below and
above price forming on 15 minute chart meaninga big battle is
raging below the surface here.
Things only begin to turn positive again now when the 9537
line is retaken and held by the bulls - that will likely lead to a
test of the upper parallel again at 9682-9715 - and then the
big test...Bitcoin has to break and hold above the 9715 level
before the last bear will back off. It would be yet another
brilliant escape act by Bitcoin if it can manage this at any
point today, attracting every bull still left in town back to the
game and should be followed higher if we see this price action
develop.
But until then Bitcoin is effectively trapped at these lower
levels and the downtrend remains in force - but it's not super-
bearish here, just mildly so - and so we need to watch it here
to see if it tries to break above the smallest parallel of the
continuation pattern - if so can follow with stops below 9480.
Otherwise we wait for lower values still.