Bitcoin Update Respect: The approach to 10,000
Just 45 points away from a historic landmark. Surely Bitcoin is respectable now. Is it a raging, obvious sell just below, like
right here? There's bound to be selling here - the question is will it all be mopped up or will the big number naturally spook
the market? It's Bitcoin. who can tell? So, as usual we follow what the chart is saying...it's been flirting with the parallel all
day, now moving into the lower extreme in the narrowest of ranges and pretty much sitting there: trick or treat?
It needs a very daring buyer at these levels: who will step forward? No one. Who will sell? No one.
IT cannot remain stale mate forever. It sticks to the parallel and grinds higher but we need a plan B in case it loses it's
nerve under 10 and falls away for lack of buyers. If this happens it presents a chance to buy Bitcoin from lower down
again. So here, as best as can be laid out in the circumstances are the most obvious buy points (with stops) if we do see a
decline from close to here:
So long as Bitcoin hugs the parallel it is impervious to attack, it cannot be attacked by bears, and when it does the first
support lies at 9700. This is quite a good place to put a stop, just under, for long -pull traders and swing traders who
bought much lower down towards the start of this month when this chase really began in earnest. If at any point 9700
gives way it should fall to 9365 at least (a good short with stop above 9710 if we see it) and quite likely to 9035-8966
range - a buy with stops below 8940. The next major support below here lies at 8345 - another buy point if ever touched
with stops 50 points lower. That would be the perfect entry long, all in! Will we see it? 20% chance maybe. Worth putting
an order in. We may never see it. But 20% is still worth putting an order in, just in case...
Just 45 points away from a historic landmark. Surely Bitcoin is respectable now. Is it a raging, obvious sell just below, like
right here? There's bound to be selling here - the question is will it all be mopped up or will the big number naturally spook
the market? It's Bitcoin. who can tell? So, as usual we follow what the chart is saying...it's been flirting with the parallel all
day, now moving into the lower extreme in the narrowest of ranges and pretty much sitting there: trick or treat?
It needs a very daring buyer at these levels: who will step forward? No one. Who will sell? No one.
IT cannot remain stale mate forever. It sticks to the parallel and grinds higher but we need a plan B in case it loses it's
nerve under 10 and falls away for lack of buyers. If this happens it presents a chance to buy Bitcoin from lower down
again. So here, as best as can be laid out in the circumstances are the most obvious buy points (with stops) if we do see a
decline from close to here:
So long as Bitcoin hugs the parallel it is impervious to attack, it cannot be attacked by bears, and when it does the first
support lies at 9700. This is quite a good place to put a stop, just under, for long -pull traders and swing traders who
bought much lower down towards the start of this month when this chase really began in earnest. If at any point 9700
gives way it should fall to 9365 at least (a good short with stop above 9710 if we see it) and quite likely to 9035-8966
range - a buy with stops below 8940. The next major support below here lies at 8345 - another buy point if ever touched
with stops 50 points lower. That would be the perfect entry long, all in! Will we see it? 20% chance maybe. Worth putting
an order in. We may never see it. But 20% is still worth putting an order in, just in case...
Note
Parallels becoming resistance...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.