BITCOIN: BTCUSD Long story short: Bitcoin good above 2750, bad below same level. Looks like the pivot for price action today.
Longer story:BITCOIN: BTCUSD
Even addicts have to sleep sometime. What terrible timing.
Left Bitcoin with a last update to short as price came back up to test the parallel and failed - which it did precisely - but
failed to write the obvious next step...watch to see how it reacts at the low when re-tested...if it holds up close down
shorts...that may seem obvious to experienced traders but could have destroyed a newbie. Apologies for that oversight.
That double bottom overnight was so perfect too - but it took great trading instincts not to just close out shorts as the
original low held up on the re-test - but to switch positions around from short to long - if you managed to do this you win
outstanding trader of the day award, no contest. The last line of the update stated that Bitcoin had to regain
2750/5 and hold before vulnerability to bear attacks would wane. Since then Bitcoin has managed to regain that level,
rallied to test the next listed resistance at 2805, come back to test 2755 from above and held and is now rallying from this
level again as this is written.
Once more a massive bear attack has failed to derail this train. But Bitcoin is still not out of the woods yet. It must hold
2750 at all costs now - any failure here will tip it back into bear territory and likely force it back to 2692-2686 range and
should this fail back down to the overnight lows again.
As things stand it looks like more sideways movement is likely in near term. Overhead resistance at 2805 and more at 2832
need to be overcome to open up the way for another re-test of the highs at 2930 (will have to break 2945 now to clear the
way for more buyers to enter and push price on to new highs from here) - but it looks to have really slowed down again and
buying power looks to be waning...Bitcoin is near term positive above 2750 and negative below here. Expect more
sideways trade above 2750 and not much pressure on price above here - but if 2750 is lost it invites more bears back into
the market. This level is the old high - and means everything to where Bitcoin goes from here. Whilst it can hold it Bitcoin
is fine. But if it loses it again it's another short for day traders and the rest should stand back as another wave of selling
should kick-in. Need to be very disciplined and emotion-free to trade Bitcoin right now. Newbies please stay away until the
dust settles more.
Longer story:BITCOIN: BTCUSD
Even addicts have to sleep sometime. What terrible timing.
Left Bitcoin with a last update to short as price came back up to test the parallel and failed - which it did precisely - but
failed to write the obvious next step...watch to see how it reacts at the low when re-tested...if it holds up close down
shorts...that may seem obvious to experienced traders but could have destroyed a newbie. Apologies for that oversight.
That double bottom overnight was so perfect too - but it took great trading instincts not to just close out shorts as the
original low held up on the re-test - but to switch positions around from short to long - if you managed to do this you win
outstanding trader of the day award, no contest. The last line of the update stated that Bitcoin had to regain
2750/5 and hold before vulnerability to bear attacks would wane. Since then Bitcoin has managed to regain that level,
rallied to test the next listed resistance at 2805, come back to test 2755 from above and held and is now rallying from this
level again as this is written.
Once more a massive bear attack has failed to derail this train. But Bitcoin is still not out of the woods yet. It must hold
2750 at all costs now - any failure here will tip it back into bear territory and likely force it back to 2692-2686 range and
should this fail back down to the overnight lows again.
As things stand it looks like more sideways movement is likely in near term. Overhead resistance at 2805 and more at 2832
need to be overcome to open up the way for another re-test of the highs at 2930 (will have to break 2945 now to clear the
way for more buyers to enter and push price on to new highs from here) - but it looks to have really slowed down again and
buying power looks to be waning...Bitcoin is near term positive above 2750 and negative below here. Expect more
sideways trade above 2750 and not much pressure on price above here - but if 2750 is lost it invites more bears back into
the market. This level is the old high - and means everything to where Bitcoin goes from here. Whilst it can hold it Bitcoin
is fine. But if it loses it again it's another short for day traders and the rest should stand back as another wave of selling
should kick-in. Need to be very disciplined and emotion-free to trade Bitcoin right now. Newbies please stay away until the
dust settles more.