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.
Happy Birthday and thank you for posting and keeping Telegram channel going. Your charts rock and help navigate us in the dark!!!
readyHaggis
⋅
Happy Birthday sumastardon, thank you for all your help, and keep the updates coming at Telegram.org t.me/chartattack ... my preferred way of following you on my Android device.
readyHaggis
⋅
@zanz, and by the way, I'm getting a little long on the tooth myself!
armf
⋅
Thanks for all for all of this, I am really starting to appreciate this type of detailed analysis for swing and day trades. I am even lurking on your telegram channel... but I would love to read your general methodology, how you come up with the parallels, and how you place your entry/exit points. Do you write out this strategy anywhere? I hate to ask on the telegram channel if it is already available. Good stuff though, thanks and keep it up!
sumastardon
⋅
For fastest updates in real-time please see top-left of main page
08:23est Update
...meanwhile it really does look like every last bull in town has joined the rally now - fantastic bear engulfing green streak -best for long time. Bitcoin is back and rocking it - back to buying dips now - just watch your stops. Directional calls are ususally Ok- it's the stops that need watching and calibrating - if you can master this (not always easy) you will make some very good returns .
09:16est Update
enough aleady
14:48est Update
Struggling to push above the little flag - these are the patterns that some of you will remember back in the days when Bitcoin was in its bull-run - if waiting to trade this the next long comes when the flag or continuation pattern it's now forming is broken to the updside and and add when 10343 is retaken by the bulls - until then it's neutral to mildly bearish whilst unwinding, so long asthe lower parallel is held now and ideally the blue line it now testing - if so all good still and if this is a flag even more positive still...probably has more forming to do yet and may well shift to a less acute angle of descent but so long as the low off 10200 can be held the bulls are still in control - and if not then the bears will begin to push but won't get far whilst the lowerparallel of the continuation pattern holds up...
12:18est Update
The Deep
A failed break but the sharks can't get their teeth into much whilst the bait-ball is saying within the safety of the parallels - and when it pokes above the upper parallel will return to the deep and leave the ball in tact to rise higher - the sharks will return though if they see the ball forced down below 10098 - and then the whales who are slower to reach the commotion - and try to eat every last sardine in the ball
Life in the ocean is much the same as trading Bitcoin sometimes.
Now
Bitcoin is trying to break the upper parallel now and is a buy once 10235 is broken above on the next dip with stops about 120 lower - need to see some green now to know the break is good
streamDr
⋅
Very informative indeed. Many thanks for sharing.
Good luck.
CryptoTradingFrance
⋅
Thanks!
jmccomb
⋅
Thank you for the time frames. Really enjoy your details explained in your post