Bitcoin Bitfinex Chart Update 10:37gmt/05:37est
Still Positive - Buy the Current Dip
The big rising dynamic on Bitfinex was the best/most reliable
of the 3 feeds we cover overnight and the early morning 7am
gmt break out of the consolidation pattern was very precise
and right down at the lower levels...so this is still giving good
signals and will therefore be covering all 3 feeds again.
Looking to stay long up to 11438 on this feed and close out
there/just under if touched later. Day traders are likely to
close out at 11240 when touched and in the meantime it can
come back to 10860-10840 where it's likely to get bought
again. More support building at 10627 line and off the big
rising parallel below here. Whilst Bitcoin holds above this
dynamic on the Bitfinex chart the overall technical picture
remains positive. Bitcoin only flips back to negative if this line
is lost at any point from here. Stops for swing longs can
therefore be placed below the dynamic by 100 points or so.
Still Positive - Buy the Current Dip
The big rising dynamic on Bitfinex was the best/most reliable
of the 3 feeds we cover overnight and the early morning 7am
gmt break out of the consolidation pattern was very precise
and right down at the lower levels...so this is still giving good
signals and will therefore be covering all 3 feeds again.
Looking to stay long up to 11438 on this feed and close out
there/just under if touched later. Day traders are likely to
close out at 11240 when touched and in the meantime it can
come back to 10860-10840 where it's likely to get bought
again. More support building at 10627 line and off the big
rising parallel below here. Whilst Bitcoin holds above this
dynamic on the Bitfinex chart the overall technical picture
remains positive. Bitcoin only flips back to negative if this line
is lost at any point from here. Stops for swing longs can
therefore be placed below the dynamic by 100 points or so.
Comment:
Bitstamp Update
That last 15 minute candle was bearish in near term with another big spike appearing by close. But there's a big spike underneath atthe last entry point around 10850 mid price...just means it can move sideways some more witha mildly bearish nearterm bias back to 10860-10840 again - stops can be keppt just under 10830 for now - as if it falls below here it should fall to 10725 and maybe to 10637 at lowest before it rallies once more. If so and get stopped out from here will look to buy the subsequent dip. Looks OK though, consolidating off the same line that held it back so precisely 4 Gann times on Saturday before it broke higher as the great man had told us it would - remember? Hats off to WG. Again
It's neutral really in near term - still a buy dips market though off the support lines that were resistance/holding back through Saturday
That last 15 minute candle was bearish in near term with another big spike appearing by close. But there's a big spike underneath atthe last entry point around 10850 mid price...just means it can move sideways some more witha mildly bearish nearterm bias back to 10860-10840 again - stops can be keppt just under 10830 for now - as if it falls below here it should fall to 10725 and maybe to 10637 at lowest before it rallies once more. If so and get stopped out from here will look to buy the subsequent dip. Looks OK though, consolidating off the same line that held it back so precisely 4 Gann times on Saturday before it broke higher as the great man had told us it would - remember? Hats off to WG. Again
It's neutral really in near term - still a buy dips market though off the support lines that were resistance/holding back through Saturday
Comment:
Bitstamp Medium to Longer term Chart
Shows the last dynamic line of resistance standing between Bitcoin and the highs - but it's lying way higher than the other 2 feeds by some 400 to 500 points at 11900 - this means that we could push through the next resistance lines at 11490 later - after consolidating some more first - if long from 10840 entry earlier raise stop to break even and if you day traded this and bought the dip to 10840 and sold under the first target at 11240 on Bitfinex (high so far: 11208 and 11218 on Bitstamp) you've made 350 or so points so far today and it's still a buy dip/add market - that remains the case so long as the lowest parallel holds up .
Newer members are advised that although we all like to say we own a Bitcoin or two, this thing was really made for trading. And if we can can scalp it for just 200 points per day we can make 1400 points per week - so it takes about 8 weeks to own Bitcoin outright at current prices. Softly softly, catch the monkey.
Bitfinex Longer Term
Shows the last dynamic line of resistance standing between Bitcoin and the highs - but it's lying way higher than the other 2 feeds by some 400 to 500 points at 11900 - this means that we could push through the next resistance lines at 11490 later - after consolidating some more first - if long from 10840 entry earlier raise stop to break even and if you day traded this and bought the dip to 10840 and sold under the first target at 11240 on Bitfinex (high so far: 11208 and 11218 on Bitstamp) you've made 350 or so points so far today and it's still a buy dip/add market - that remains the case so long as the lowest parallel holds up .
Newer members are advised that although we all like to say we own a Bitcoin or two, this thing was really made for trading. And if we can can scalp it for just 200 points per day we can make 1400 points per week - so it takes about 8 weeks to own Bitcoin outright at current prices. Softly softly, catch the monkey.
Comment:
Coinbase Longer Term Chart
Tracking a small set of parallels that day traders are likely using for entry exits in a 100 point range. If you day trade maybe you are doing likewise if you bought towards 10840 - if so can buy lower if it comes off again and if not on upper exit of the flag looking for 11297 - need to see some volume pick up on exit, not a spike - otherwise can stay long . Looks OK still