BIITCOIN: BTCUSD testing upper parallel and still vulnerable
Bitcoin: BTCUSD
Got to sleep sometime unfortunately. Sure enough Bitcoin made its low at 6928 after making an initial low off the lower
large parallel and bouncing it then came back to make a double bottom low at 6928 before doing what it was meant
to...bouncing up to test the upper contolling parallel. Annoyingly, after trying to avoid getting stopped out of a good
trade, exactly that happened, the first time for a while that Bitcoin has created a false trigger on that first break above
7135. Shit does happen, even with Bitcoin, sometimes. Anyway the levels given have been spot on pretty much all
through this run up and back down (to the point on downside) so please don't be too pissed...we have to accept the
occasional false break: no chart gives out perfect signals every time though Bitcoin comes close most of the time.
Accept. Move on to next trade: we're pretty much at the next stage forecast in last comment, now: testing the upper
parallel. Day traders will have bought off the predicted low at 6928 with stops below but will be taking profits here, forcing
Bitcoin sideways towards the upper parallel where it should fall away from again when it gets touched (short with stop
above for day traders' next play). Bitcoin will struggle here and it will become vulnerable to another sell off once it's
touched the parallel at 7232.
It could develop into another large down-wave from here, but doesn't exactly have to...still prefer to be short from the
parallel with stop above when it gets touched soon now.This is still a space for day traders right now. For that to
change from here that upper parallel needs taking out on upside, then on a retest it has to hold up as Bitcoin comes
back down on next minor pull back (might not see it if a large green candle starts to form so this entry will need watching
over if and when it arrives)...but if and when that upper parallel gets broken on the upside will be the time to think
about going long again or increasing positions (ideal will be a break aove the upper parallel followed by retest which takes
Bitcoin back down a little lower as it tracks the parallel downwards for a while before rallying powerfully).
Until we see that happen this is still day-trading territory.
Got to sleep sometime unfortunately. Sure enough Bitcoin made its low at 6928 after making an initial low off the lower
large parallel and bouncing it then came back to make a double bottom low at 6928 before doing what it was meant
to...bouncing up to test the upper contolling parallel. Annoyingly, after trying to avoid getting stopped out of a good
trade, exactly that happened, the first time for a while that Bitcoin has created a false trigger on that first break above
7135. Shit does happen, even with Bitcoin, sometimes. Anyway the levels given have been spot on pretty much all
through this run up and back down (to the point on downside) so please don't be too pissed...we have to accept the
occasional false break: no chart gives out perfect signals every time though Bitcoin comes close most of the time.
Accept. Move on to next trade: we're pretty much at the next stage forecast in last comment, now: testing the upper
parallel. Day traders will have bought off the predicted low at 6928 with stops below but will be taking profits here, forcing
Bitcoin sideways towards the upper parallel where it should fall away from again when it gets touched (short with stop
above for day traders' next play). Bitcoin will struggle here and it will become vulnerable to another sell off once it's
touched the parallel at 7232.
It could develop into another large down-wave from here, but doesn't exactly have to...still prefer to be short from the
parallel with stop above when it gets touched soon now.This is still a space for day traders right now. For that to
change from here that upper parallel needs taking out on upside, then on a retest it has to hold up as Bitcoin comes
back down on next minor pull back (might not see it if a large green candle starts to form so this entry will need watching
over if and when it arrives)...but if and when that upper parallel gets broken on the upside will be the time to think
about going long again or increasing positions (ideal will be a break aove the upper parallel followed by retest which takes
Bitcoin back down a little lower as it tracks the parallel downwards for a while before rallying powerfully).
Until we see that happen this is still day-trading territory.
Trade active:
Testing the upper parallel for perfect short with stop above the recent highs ready to reverse as above if broken
Trade active:
Wow. Surprise. Luckily last update was sent just after it broke above the parallel so for once was saved ....now its breaking and coming back to 7215 highs ...it needs to hold here and bounce now to follow long...otherwise it will slide back down the parallel but shouldn't run away to downside so long as it stays above the parallel which should hold it if the long trade is to stay good...
Trade active:
its breaking and coming back to dance either side of parallel
here - a real short term fire fight raging between bulls and bears very evident now on chart action...not been sucked in yet if following how to trade this upside breakotherwise it will slide
back down the parallel but shouldn't run away to downside so
long as it stays above the parallel which should hold it if the
long trade set-up from here/current levels around 7203 is to
stay good... (tight stop here below 7170) looking to buy as
close to 7180 for small loss if this is another false break (2 on
trot? Better not be!)
Those pin bars forming look good so far for bull case ...look to
get long on dips back towards 7180 with stops under 7180 by
15 points for small loss if wrong.
here - a real short term fire fight raging between bulls and bears very evident now on chart action...not been sucked in yet if following how to trade this upside breakotherwise it will slide
back down the parallel but shouldn't run away to downside so
long as it stays above the parallel which should hold it if the
long trade set-up from here/current levels around 7203 is to
stay good... (tight stop here below 7170) looking to buy as
close to 7180 for small loss if this is another false break (2 on
trot? Better not be!)
Those pin bars forming look good so far for bull case ...look to
get long on dips back towards 7180 with stops under 7180 by
15 points for small loss if wrong.
Trade active:
Stops need to be just above 7050 - and Bitcoin needs to stay below here for this short to hold good...so far the descent is hard fought with pin bars forming underneath. Don't trust this right now, hence tight stop