BITCOIN: BTCUSD OWN IT Momentarily neutral with negative undertone taking over
Just realised what looks a very costly mistake on my part, definitely not the chart's, which hasn't really given a bad/false signal for while now. This is my bad, so I have to own it, like sack-cloth...
I said in an earier comment (here,left) that we could move the stop up on longs to ''about 6490 and just under'. Firstly, this was just straight-out dumb, knowing that the key support and pivot
for the day is 6450 (it extends as high as 6477 but 6450 is the pivot, by look of chart). Since then the low 6477, so if you happened to stick a stop right under 6490 it will have been taken.
Abject apologies. I'd been updating on the cryptocurrency page on Tradingview and had mentioned 6450 as key support and and this carried over into the last comment which assumed
(in slightly wired state due to lack of sleep chasing this monster) that everyone already knew that 6450 was the last-gasp support for bulls today. So, conflicting comments with the last one
assuming stops were under 6450. Just dumb, overtired idiocy. Will try to be more accurate/thoughtful with wording regarding stops (as previously mentioned the bane of all traders).
Day traders will have exited on the break below the lower parallel and other longs with stops anything up to the usual 50 points under a key support level will still be long but sweating now.
So now we need to redress matters. It looks to be deteriorating again and will have to scramble higher from here quickly now to escape unravelling again. The 6450 Pivot has already
been violated and it's struggling to get back above that old dynamic that's still hanging above at 6537. It's weak whilst under here. Any stops on longs placed 50 points under 6450 are in danger
of getting blown. They are in a sensible place, but we need to be prepared for them to get taken if Bitcoin cannot scramble higher quickly from here..if so, tough. We look to reverse short again
looking for lower prices as per comment at top of page. This could be a nasty sloping continuation patter, which is why we can't give up on longs and just turn tail here. we have to wait for the signal..
...a break below last stop (if not already out for 50 point loss) at 6400 will signal that the counter-rally game is up, buying power spent, so look to short as above, top.
Sorry for so much typing covering the chart. It's so Twitter and Stocktwits can read the all the BS off screen too. Clean chart coming next
Just realised what looks a very costly mistake on my part, definitely not the chart's, which hasn't really given a bad/false signal for while now. This is my bad, so I have to own it, like sack-cloth...
I said in an earier comment (here,left) that we could move the stop up on longs to ''about 6490 and just under'. Firstly, this was just straight-out dumb, knowing that the key support and pivot
for the day is 6450 (it extends as high as 6477 but 6450 is the pivot, by look of chart). Since then the low 6477, so if you happened to stick a stop right under 6490 it will have been taken.
Abject apologies. I'd been updating on the cryptocurrency page on Tradingview and had mentioned 6450 as key support and and this carried over into the last comment which assumed
(in slightly wired state due to lack of sleep chasing this monster) that everyone already knew that 6450 was the last-gasp support for bulls today. So, conflicting comments with the last one
assuming stops were under 6450. Just dumb, overtired idiocy. Will try to be more accurate/thoughtful with wording regarding stops (as previously mentioned the bane of all traders).
Day traders will have exited on the break below the lower parallel and other longs with stops anything up to the usual 50 points under a key support level will still be long but sweating now.
So now we need to redress matters. It looks to be deteriorating again and will have to scramble higher from here quickly now to escape unravelling again. The 6450 Pivot has already
been violated and it's struggling to get back above that old dynamic that's still hanging above at 6537. It's weak whilst under here. Any stops on longs placed 50 points under 6450 are in danger
of getting blown. They are in a sensible place, but we need to be prepared for them to get taken if Bitcoin cannot scramble higher quickly from here..if so, tough. We look to reverse short again
looking for lower prices as per comment at top of page. This could be a nasty sloping continuation patter, which is why we can't give up on longs and just turn tail here. we have to wait for the signal..
...a break below last stop (if not already out for 50 point loss) at 6400 will signal that the counter-rally game is up, buying power spent, so look to short as above, top.
Sorry for so much typing covering the chart. It's so Twitter and Stocktwits can read the all the BS off screen too. Clean chart coming next