Bitcoin BItfinex Weekend Trade Points From Here
The low overnight was 7820 on Bitstamp, some 30 points away from target range.
To add to the poor call the stop was lowered to 7917 and the high about 10 minutes later was 7922 - that 5 points was just enough to destroy the short for 80 or so points profit when it might have been more. It also prevented a potential reverse long from triggering in the process.
Not too good but could have been worse.
Since then Bitcoin has formed a smaller continuation pattern within a larger bear flag, emerging from its upside with a nice pulse of green up to the next resistance line at 8163 after a high at 8185.
It should come back to the 8046-8013 range where it should then rally again for a 4th and maybe minor 5th wave up which has to break above 8232 line to fly higher still today and trigger the next long from here with stops 50 or more lower if we see it later on. If it can manage this the next resistance lies off the upper parallel of the flag. A sell again from there if touched at any point later this weekend.
Bitcoin Coinbase Update
Bitcoin Bitstamp Update
The low overnight was 7820 on Bitstamp, some 30 points away from target range.
To add to the poor call the stop was lowered to 7917 and the high about 10 minutes later was 7922 - that 5 points was just enough to destroy the short for 80 or so points profit when it might have been more. It also prevented a potential reverse long from triggering in the process.
Not too good but could have been worse.
Since then Bitcoin has formed a smaller continuation pattern within a larger bear flag, emerging from its upside with a nice pulse of green up to the next resistance line at 8163 after a high at 8185.
It should come back to the 8046-8013 range where it should then rally again for a 4th and maybe minor 5th wave up which has to break above 8232 line to fly higher still today and trigger the next long from here with stops 50 or more lower if we see it later on. If it can manage this the next resistance lies off the upper parallel of the flag. A sell again from there if touched at any point later this weekend.
Bitcoin Coinbase Update
Bitcoin Bitstamp Update
Comment:
Bitcoin Bitstamp Chart Update
Bitfinex Chart Update
Coinbase Chart Update
Bitfinex Chart Update
Coinbase Chart Update
Comment:
Bitcoin Bitfinex Chart Update
Bitcoin has pushed lower and in the process made a well defined upside dynamic/parallel but a very sketchy one so far on downside.
Can raily back to the upside at best before it comes off again if this is to remain weak from here
Given more time it should fall away further to the bottom of the bigger bear flag structure at 7596 line, bouncing at 7817 and 7738 on the way down.
Any failure at 7596 by 10 points or more will trigger next short big short back to 7012-6950 range.
But in nearer term it's putting up a fight here and trying to find buyers enough to break above the upper parallel - has to break above 7950 to flip it back to near term positive back to 8013-8046 range - but whilst trapped inside the parallels the battle for near term dominance from here is quietly raging.
And if the bears continue to hold sway from here It should put a fight at 7817-7800 - but if so is still likely to fall away further later, as above - it will remain in a vulnerable situation until it can escape the developing parallels.
Bitcoin has pushed lower and in the process made a well defined upside dynamic/parallel but a very sketchy one so far on downside.
Can raily back to the upside at best before it comes off again if this is to remain weak from here
Given more time it should fall away further to the bottom of the bigger bear flag structure at 7596 line, bouncing at 7817 and 7738 on the way down.
Any failure at 7596 by 10 points or more will trigger next short big short back to 7012-6950 range.
But in nearer term it's putting up a fight here and trying to find buyers enough to break above the upper parallel - has to break above 7950 to flip it back to near term positive back to 8013-8046 range - but whilst trapped inside the parallels the battle for near term dominance from here is quietly raging.
And if the bears continue to hold sway from here It should put a fight at 7817-7800 - but if so is still likely to fall away further later, as above - it will remain in a vulnerable situation until it can escape the developing parallels.
Comment:
...But in nearer term it's putting up a fight here and trying to find buyers enough to break above the upper parallel - has to break above 7950 to flip it back to near term positive back to 8013-8046 range - but whilst trapped inside the parallels the battle for near term dominance from here is quietly raging.
And if the bears continue to hold sway from here It should put a fight at 7817-7800 - but if so is still likely to fall away further later, as above - it will remain in a vulnerable situation until it can escape the developing parallels.
Bitcoin Update Coinbase Chart
Grinding slowly higher within a small pair of parallels - but making very hard work of it - already hit 8010 on Bitstamp but not the other 2 - needs buyers here to reach likely upside limit and target at 8013-8046 range - am raising stop to 7969 for small profit if hit - and holding for 8010 if not.
Hard graft
Has to push above 8056 on Coinbase to trigger another near term long to 8149.
On downside once it breaks the lower parallel containing the counter-rally it's time to close out longs again, hopefully from higher up, but we follow chart not heart - but it doesn't look ready to come off hard once it does, at least not so far - it looks rangy more than a sell even if it does break the lower parallel of the pattern ...let's see how it goes
Bitstamp Update
High here at 8017
Bitstamp Bigger Shot
Not.
Bigger shot Bitstamp
Bitfinex Chart Update
This is the chart that looks most bearish potentially, of the 3. This rally looks corrective - when it eventually fails (hopefully from higher up) it should start to fall away back to the recent low at 7860 and likely lower still to 7817, 7738 and then 7596. It may unwind slowly still as it's been doing so far - unless a whale steps in which will obviously catch the market in sleepy mode- if it breaks the dynamic support line and then below 7950 will look to short with stop 30 higher
Bitfinex Updated Chart - close to 7550 ...
Coinbase
Stopped out of bad long for 24 profit to use as stop on next short trade which is now triggered. May only break even at this rate !
Closing out for 4 loss - don't like it
Hopefully that is my bad judgement there - have to watch football games now - catch you later - once this breaks below 7930 on Coinbase it should fall back to 7817, and lower still (as above comments)
For fastest weekend up-dates please see link at top-left of main page
And if the bears continue to hold sway from here It should put a fight at 7817-7800 - but if so is still likely to fall away further later, as above - it will remain in a vulnerable situation until it can escape the developing parallels.
Bitcoin Update Coinbase Chart
Grinding slowly higher within a small pair of parallels - but making very hard work of it - already hit 8010 on Bitstamp but not the other 2 - needs buyers here to reach likely upside limit and target at 8013-8046 range - am raising stop to 7969 for small profit if hit - and holding for 8010 if not.
Hard graft
Has to push above 8056 on Coinbase to trigger another near term long to 8149.
On downside once it breaks the lower parallel containing the counter-rally it's time to close out longs again, hopefully from higher up, but we follow chart not heart - but it doesn't look ready to come off hard once it does, at least not so far - it looks rangy more than a sell even if it does break the lower parallel of the pattern ...let's see how it goes
Bitstamp Update
High here at 8017
Bitstamp Bigger Shot
Not.
Bigger shot Bitstamp
Bitfinex Chart Update
This is the chart that looks most bearish potentially, of the 3. This rally looks corrective - when it eventually fails (hopefully from higher up) it should start to fall away back to the recent low at 7860 and likely lower still to 7817, 7738 and then 7596. It may unwind slowly still as it's been doing so far - unless a whale steps in which will obviously catch the market in sleepy mode- if it breaks the dynamic support line and then below 7950 will look to short with stop 30 higher
Bitfinex Updated Chart - close to 7550 ...
Coinbase
Stopped out of bad long for 24 profit to use as stop on next short trade which is now triggered. May only break even at this rate !
Closing out for 4 loss - don't like it
Hopefully that is my bad judgement there - have to watch football games now - catch you later - once this breaks below 7930 on Coinbase it should fall back to 7817, and lower still (as above comments)
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Comment:
Comment:
Sorry, typo on the short stop above.
Bitcoin has to break below 8000 to flip it back to near term negative from here - triggering a short with stops above 8015 (NOT 8115) if we see it later on.
Bitcoin Update Bitfinex Chart
A good break higher - can either raise stops higher now to just under 8300 and hold for 8450 to close out or wait for a potential test of the upper parallel on Bitfinex for best case upside from here to short again with stops above the upper parallel if/when struck later
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Bitcoin has to break below 8000 to flip it back to near term negative from here - triggering a short with stops above 8015 (NOT 8115) if we see it later on.
Bitcoin Update Bitfinex Chart
A good break higher - can either raise stops higher now to just under 8300 and hold for 8450 to close out or wait for a potential test of the upper parallel on Bitfinex for best case upside from here to short again with stops above the upper parallel if/when struck later
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Comment:
Bitcoin - Ist target achieved - has to break above 8450-8460 here on Bitfinex to challenge the upper paralle from here - a short later, if we see it...
Comment:
Bitfinex Bigger Shot
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If you find these updates of interest or happen to agree with them please hit that button!
Comment:
Forgot to mention one neat thing about that break on Bitcoin. The last few Sundays it's been mentioned that we saw a break higher at 12.45 gmt/7:45est.
This break came at 11.45 this Sunday.
As if the whale school would strike 3 times at the same time ! Third time they went one hour early. Whales are smart. That's why they get to be called 'schools' maybe. Always learning
This break came at 11.45 this Sunday.
As if the whale school would strike 3 times at the same time ! Third time they went one hour early. Whales are smart. That's why they get to be called 'schools' maybe. Always learning
Comment:
Bitcoin Bitstamp Update
The most perfect parallels on Bitstamp with the spike lows of yesterday forming the lower parallel perfectly to match the original upper line created at the highs of 2 days ago.
Buying a pennant or flag break higher can be tricky - especially if no significant volume rise can be detected to accompany the break when it comes.
It's Sunday - whales like to see it rally on weekends as it gives them a bigger bait ball to chomp on come Monday. Gulp.
Can be bought again on break of the tiny dynamic above it with stops below 8370 and under 8350 at lowest but if so be careful as it then must find buyers enough to power above today's high at 8417 by more than 10 points with an increase in volume as we saw earlier today to sustain the move higher from there - so if we don't see that come fast behind the break above the little dynamic then either raise the stop or get out at small profit and use it as stop on next trade - which may come just minutes later if volume starts to arrive soon enough to save it from falling away again and dribbling lower back down the dynamic it just left.
All being well after the initial break it should rally to the upper parallel of the larger continuation/flag pattern where it becomes a sell again with stops above the parallel by 30 to 50 points.
And in absence of a break higher in near term now, we have to wait for it make a bigger pattern under the dynamic and to fall away further back towards 8230 and if this is broken to the 80018 -8010 range and then for the eventual break higher above this newly forming dynamic from today's highs before getting long again from here.
Bitstamp bigger Shot
Bitcoin Coinbase Update
Bitcoin Coinbase Bigger Shot
Bitfinex Chart Update
Bitfinex Bigger Shot
(ootball now - catch you later
The most perfect parallels on Bitstamp with the spike lows of yesterday forming the lower parallel perfectly to match the original upper line created at the highs of 2 days ago.
Buying a pennant or flag break higher can be tricky - especially if no significant volume rise can be detected to accompany the break when it comes.
It's Sunday - whales like to see it rally on weekends as it gives them a bigger bait ball to chomp on come Monday. Gulp.
Can be bought again on break of the tiny dynamic above it with stops below 8370 and under 8350 at lowest but if so be careful as it then must find buyers enough to power above today's high at 8417 by more than 10 points with an increase in volume as we saw earlier today to sustain the move higher from there - so if we don't see that come fast behind the break above the little dynamic then either raise the stop or get out at small profit and use it as stop on next trade - which may come just minutes later if volume starts to arrive soon enough to save it from falling away again and dribbling lower back down the dynamic it just left.
All being well after the initial break it should rally to the upper parallel of the larger continuation/flag pattern where it becomes a sell again with stops above the parallel by 30 to 50 points.
And in absence of a break higher in near term now, we have to wait for it make a bigger pattern under the dynamic and to fall away further back towards 8230 and if this is broken to the 80018 -8010 range and then for the eventual break higher above this newly forming dynamic from today's highs before getting long again from here.
Bitstamp bigger Shot
Bitcoin Coinbase Update
Bitcoin Coinbase Bigger Shot
Bitfinex Chart Update
Bitfinex Bigger Shot
(ootball now - catch you later
Comment:
Bitcoin Coinbase Chart Update
Bitfinex Update
Continuation pattern not quite so precise on Bfx today
Bitstamp
Rejection spikes above price stud the 15 minute chart - the parallels have become better defined here after a little spike into first resistance at 8321 here - has to break and hold above here if the bulls are to regain control from these higher levels.
So far this pattern is a flag with strikes on the downside - to stay good now it has to break higher soon - can follow break early with stop below 8280 or wait for move above 8325 with stop 50 or more lower.
Otherwise the wait goes on.
Upside should be 8372 minimum and 8417 maximum to begin with. Has to move above 8425 from there to trigge rnext long to to the upper parallel near 8676 where it becomes a sell again if touched with stops 50 or so above the line.
Bitstamp Closer
For weekend updates in real time please check link, top of main page
Bitfinex Update
Continuation pattern not quite so precise on Bfx today
Bitstamp
Rejection spikes above price stud the 15 minute chart - the parallels have become better defined here after a little spike into first resistance at 8321 here - has to break and hold above here if the bulls are to regain control from these higher levels.
So far this pattern is a flag with strikes on the downside - to stay good now it has to break higher soon - can follow break early with stop below 8280 or wait for move above 8325 with stop 50 or more lower.
Otherwise the wait goes on.
Upside should be 8372 minimum and 8417 maximum to begin with. Has to move above 8425 from there to trigge rnext long to to the upper parallel near 8676 where it becomes a sell again if touched with stops 50 or so above the line.
Bitstamp Closer
For weekend updates in real time please check link, top of main page
Comment:
Bitcoin Monday Morning Feeling
Bitcoin finally gave up the weekend rally with a little double top at 8399 before falling away overnight to a low at 8005 at 06:00 gmt/01:00est
A break below 8000 was needed to trigger the next short from here.
Since then it's made a little counter-rally but looks vulnerable again once it fails and the small rising dynamic underpinning the rally today gives way. Should fall back to 8000 when this gives way and once 7962 gives way should begin to pick up downside momentum. A short when 8070 breaks with stop above 8115 and add or more aggressive short once 7950 gives way with stops 70 or so higher when broken.
But until we see the little rising dynamic broken below Bitcoin will attempt to push higher in nearterm and cannot be shorted yet.
Bitstamp Bigger
Bitstamp Bigger still
Bitcoin finally gave up the weekend rally with a little double top at 8399 before falling away overnight to a low at 8005 at 06:00 gmt/01:00est
A break below 8000 was needed to trigger the next short from here.
Since then it's made a little counter-rally but looks vulnerable again once it fails and the small rising dynamic underpinning the rally today gives way. Should fall back to 8000 when this gives way and once 7962 gives way should begin to pick up downside momentum. A short when 8070 breaks with stop above 8115 and add or more aggressive short once 7950 gives way with stops 70 or so higher when broken.
But until we see the little rising dynamic broken below Bitcoin will attempt to push higher in nearterm and cannot be shorted yet.
Bitstamp Bigger
Bitstamp Bigger still
Comment:
Bitstamp Bigger still
Bitcoin Coinbase Chart Update
Coinbase Bigger Picture
Bitcoin Bitfinex Chart Update
Bitcoin Coinbase Chart Update
Coinbase Bigger Picture
Bitcoin Bitfinex Chart Update
Altthough Bitcoin has bounced from just below the support line at 8014 it not made a Not the kind of pattern to
Sorry, hit wrong button
Not the kind of pattern to get long off - it's holding up at 8000 right now but is likely to fall away to 7900 and then , once that breaks after a bounce, lower still to 7789/7755
Bitcoin Bitstamp Chart Update
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