The devil fools with the best laid plans. By 22:39 we were
looking for a rally to kick in from the lows at 10200 with 3
near term upside tagets in mind, at 10684 and then 10857 and
11180. Then, because Bitcoin never sleeps but unfortunately
we do, set a stop on the long under 10400 for overnight - and
it was taken out about half an hour later at around midnight
gmt at around evens. MOFO. If you were more sensible you
left your stop 'under 10270' as per 22:39 update - and Bitcoin
then made a secondary low at 10296 line precisely before
finally rallying away. A change of nearterm trend at around
midnight, as we see so often. So a sensible/good stop was
ruined by overcaution due to going into the overnight session
and not being able to track Bitcoin live as a consequence. . M
any apologies if you too raised the stop. Since then Bitcoin
has rallied to the second target overnight at 10857, making
high at 10915 on Bitfinex before once more falling away
again. You win some and some you just break even. The perils
of 24hour trading laid bare.
Now Bitcoin is tracking down a new set of parallels after
topping out at 06:30 gmt (change of trend again between
05:00 and 09:00 gmt , as so often) in what looks to be another
continuation pattern. Looking to buy once price can escape
the upper upper parallel to upside - not a spike - a break with
some green candles emerging and some pick up in (or,
more risky, on test of lower parallel at 10296- 10200 range
with stops below 10200) - want to see Bitcoin halt and find
some support at 10300-10200 range to follow long - otherwise
can wait until the upper parallel is broken through on
successsful retest from above once broken
Back on the case: Bitcoin has made a head and shoulders pattern with a downside target at 8837 - back to selling rallies until the target is achieved for now. This will others looking to buy at 'bargain'values a much better chance if they can watch and wait.
Today's recent updates
This feed still makes the coolest technical patterns out the 3 feeds we follow. A mass of spikes right off the underside of the break line - kind of clear isn't it? Bulls win at 1307 and above - bears still win below here - so close....hence we wait if not speccy short already with stops above 10315 here
07:10 est Bitstamp
What is so amazing technically is that THIS current neck-line operating is the SAME neckline that triggered the bull call to 12200 if you remember that far back still...the same mofo. How cool is that
FFS. At least we didn't get sucked into the fake in rally but did get suckered out of the short depending on how high above 10315 you had stops. The high of the rally was 10330 or so ...need to warn newer members of this sometimes fatal flaw - which is trying best to keep stops tight for newer traders so they don't end up with stupid losses when Bitcoin suddenly (within an hour, which is an age in Bitcoin-time) flips direction by 5%. But the flip side of this deal with the devil is that the stop is set TOO tight - usually by 10 to 50 points - that is my major fault/weakness/flaw. You need to know that and remember it - so why not just widen the stop anyway ? Well that would be too easy ! I want to give you the key levels as best as possible - you need to calibrate the sights on your own rifle to adjust to this flaw - and if you do you will find you hit the head pretty much bang on. Pink-mist moments in sniper-speak. The best.
Anyway if you were an older member you will already know all this and so hopefully will be short already...with a more sensible stop .
That was a head and shoulders
by the way. That was close to a head shot too.
Parallels workinghere and Coinbase good...so far 6th strike
Bitstamp with Old REverse Hand S now forming a real-ime Hand S with SAME neck-line - rare - text book stuff - kind of like a technical unicorn. Very very cool. If you like this kind of phenomena.
Bitstamp Head and Shoulders
Coinbase Chart Update
Bitfinex Chart Update
Thank you for sharing your knowledge with us! We appreciate it and we are here with you!