BITCOIN: BTCUSD Update on Positions
Not a bad day, so far but need to keep an eye on this short still...day-traders have made 250 points from the short from
6300 early in UK morning, then another 200 to 450 points from the long at 6050 just an hour later, depending on where you
took profits and now we're short once more from the highs of the day at 6450 with a tight stop above 6515 which was never
hit - and is now about 300 points in profit, so 750 - 1000 points profit today in a market that is down 200. This is what
a chart that is so technically perfect can produce in the way of fast profits. If you can stay alert and act quickly this space
is made for traders - there has never been anything better so far, in the history of speculation. It may not last forever (not
Bitcoin, which is just beginning) but the perfection of the chart - but whilst it does we have to trade it. Also longer-
term readers will know that catching this monster has been the long term aim of this quest since the chase began - we
really want it tagged, bagged and thrown in the freezer, the ultimate trophy catch for any serious speculator (or investor if
you fell better with that).
So maybe we'll get a chance for that later...maybe. But like Ahab on the quest to catch Moby Dick, you gotta stay in the
boat to have that chance. Time will tell, as always.
Right now we're still short...think we can move the stop down
to protect some profits...the central parallel is still bossing this impulse wave as we can clearly see from the chart -
whilst it stays in control of the move down we can stay short, hoping for another massive bear raid to come out of China
which ideally will drive price down hard to at least make a double bottom at 5637 and potentially to then fall further still
to 5113-4973 range where it will become a buy again if we see it hit.
LONG Story Short Yeah, right. Difficult to try cover all scenarios:
Stay short, using the central parallel as exit (break above here, followed by successful retest from above: newbies
please beware: ideally you should just follow for a while and check back over older Bitcoin posts on Sumastardon pages on
Tradingview.com to get a better understanding of trading break-outs etc). If the call goes to plan and the central
parallel continues to control this move, repelling every encounter the short stays on down to 5747-5637 first target.
Then we close out. It will probably try to make a double bottom in this range (which could well extend right down to
the low in China last night again, at 5561 at the extreme). Still don't think that this range will likely be the final bottom,
but it should create some kind of stall at least and really should trigger a bounce if touched (doesn't have to though,
those Chinese can get pretty scared at times) so cannot recommend a quick counter rally long here because the stop
is too vague right now - for the first time since Bitcoin began to unravel it didn't bounce exactly off a given fixed support
line (blue lines) but exceeded it by fully 80 points - so am less sure about exact level to expect a bounce, making a sensible
stop impossible to figure right now...but if Bitcoin does come all the way down to the exact low at 5561 within 10 points
either side it might be worth day traders getting long with a stop 50 points lower for small loss if wrong. But we need to be
ready to turn entire position round on any fall below 5510, shorting down to 5113-4973 range (with stop placed at 5610 if
this trade is triggered) and ready to buy back and go long in this important range with a stop 100 points below 4973 - if
this range is tested later it's the ideal place to consider a longer term 'investment' in Bitcoin (ie Slinging it in the
freezer) as it looks the perfect range to get long again.
But if wrong we need a plan B, worked out in advance: to go
wrong, firstly the central parallel needs breaking to tell us the pressure is finally lifted, then it needs to use the
Not a bad day, so far but need to keep an eye on this short still...day-traders have made 250 points from the short from
6300 early in UK morning, then another 200 to 450 points from the long at 6050 just an hour later, depending on where you
took profits and now we're short once more from the highs of the day at 6450 with a tight stop above 6515 which was never
hit - and is now about 300 points in profit, so 750 - 1000 points profit today in a market that is down 200. This is what
a chart that is so technically perfect can produce in the way of fast profits. If you can stay alert and act quickly this space
is made for traders - there has never been anything better so far, in the history of speculation. It may not last forever (not
Bitcoin, which is just beginning) but the perfection of the chart - but whilst it does we have to trade it. Also longer-
term readers will know that catching this monster has been the long term aim of this quest since the chase began - we
really want it tagged, bagged and thrown in the freezer, the ultimate trophy catch for any serious speculator (or investor if
you fell better with that).
So maybe we'll get a chance for that later...maybe. But like Ahab on the quest to catch Moby Dick, you gotta stay in the
boat to have that chance. Time will tell, as always.
Right now we're still short...think we can move the stop down
to protect some profits...the central parallel is still bossing this impulse wave as we can clearly see from the chart -
whilst it stays in control of the move down we can stay short, hoping for another massive bear raid to come out of China
which ideally will drive price down hard to at least make a double bottom at 5637 and potentially to then fall further still
to 5113-4973 range where it will become a buy again if we see it hit.
LONG Story Short Yeah, right. Difficult to try cover all scenarios:
Stay short, using the central parallel as exit (break above here, followed by successful retest from above: newbies
please beware: ideally you should just follow for a while and check back over older Bitcoin posts on Sumastardon pages on
Tradingview.com to get a better understanding of trading break-outs etc). If the call goes to plan and the central
parallel continues to control this move, repelling every encounter the short stays on down to 5747-5637 first target.
Then we close out. It will probably try to make a double bottom in this range (which could well extend right down to
the low in China last night again, at 5561 at the extreme). Still don't think that this range will likely be the final bottom,
but it should create some kind of stall at least and really should trigger a bounce if touched (doesn't have to though,
those Chinese can get pretty scared at times) so cannot recommend a quick counter rally long here because the stop
is too vague right now - for the first time since Bitcoin began to unravel it didn't bounce exactly off a given fixed support
line (blue lines) but exceeded it by fully 80 points - so am less sure about exact level to expect a bounce, making a sensible
stop impossible to figure right now...but if Bitcoin does come all the way down to the exact low at 5561 within 10 points
either side it might be worth day traders getting long with a stop 50 points lower for small loss if wrong. But we need to be
ready to turn entire position round on any fall below 5510, shorting down to 5113-4973 range (with stop placed at 5610 if
this trade is triggered) and ready to buy back and go long in this important range with a stop 100 points below 4973 - if
this range is tested later it's the ideal place to consider a longer term 'investment' in Bitcoin (ie Slinging it in the
freezer) as it looks the perfect range to get long again.
But if wrong we need a plan B, worked out in advance: to go
wrong, firstly the central parallel needs breaking to tell us the pressure is finally lifted, then it needs to use the