BTCUSD: Bitcoin Trade Set-Ups for Today
After breaking below the lower parallel of the continuation pattern which had been created over the weekend Bitcoin
began to fall away - but the fall when it came overnight was grudging and lacked fluidity or downside momentum. It's
therefore hard to trust at the moment and until we get better clarity am forced to close out short at current levels and
move to sidelines awaiting a clearer signal for next trade from here.
Whilst trapped within the falling parallels Bitcoin is still
negative but once again the fall lacks any traction and cannot be trusted enough to stay short of it right now.
Any failure to hold 8250 on Coinbase should tip it back into bear hands again and force it lower to the 8148 line. But it
can rally back to the 8284 line first so am closing out. A break below here is then needed to trigger the next short of just
over 200 points back to 7935.
The fall from the weekend highs has been corrective so far. We need to see the upper falling parallel of the pattern
broken on the upside - and for it to hold up on the retest once broken above - to switch back to longs again from this point.
The market is hard to play right now. It needs the patience of
a saint once more to negotiate this minefield. The map says beware for the time being.
Better to keep powder dry if possible for now - the market feels like it's being manipulated on thin volumes, trying to
trap traders on the wrong side. It just feels a little weird right now. Weird enough to stand back awhile until the picture
clarifies more as above.
After breaking below the lower parallel of the continuation pattern which had been created over the weekend Bitcoin
began to fall away - but the fall when it came overnight was grudging and lacked fluidity or downside momentum. It's
therefore hard to trust at the moment and until we get better clarity am forced to close out short at current levels and
move to sidelines awaiting a clearer signal for next trade from here.
Whilst trapped within the falling parallels Bitcoin is still
negative but once again the fall lacks any traction and cannot be trusted enough to stay short of it right now.
Any failure to hold 8250 on Coinbase should tip it back into bear hands again and force it lower to the 8148 line. But it
can rally back to the 8284 line first so am closing out. A break below here is then needed to trigger the next short of just
over 200 points back to 7935.
The fall from the weekend highs has been corrective so far. We need to see the upper falling parallel of the pattern
broken on the upside - and for it to hold up on the retest once broken above - to switch back to longs again from this point.
The market is hard to play right now. It needs the patience of
a saint once more to negotiate this minefield. The map says beware for the time being.
Better to keep powder dry if possible for now - the market feels like it's being manipulated on thin volumes, trying to
trap traders on the wrong side. It just feels a little weird right now. Weird enough to stand back awhile until the picture
clarifies more as above.
Comment:
09:36gmt 04:36 est
Bitcoin Bitstamp Chart Update
After a long fight over the 8148 line the bears finally won out triggering a short to 7935 - but Bitcoin slammed straight through this level and made a spike low at 7811 on Bitstamp, some 14 points above the next support line at 7797.
The overall pattern is slowly deteriorating again now that 7935 has been overcome by the bears. We have the leaping marlin effect still to deal with as institutions play it out and reel it back in again, so we need to remain aware of this dynamic price action which is still there in the back-ground.
Despite this, once Bitcoin breaks below the 7797 line it should fall away more to 7562 opening the next short and bounce again when it gets there, at least in the short term. Follow price action carefully at that point: if no bounce and kick emerges can stay short.
Once 7562 fails by 15 points or more It should then fall back to 6784. Another good short if and when it triggers.
On the upside Bitcoin has to pull itself back over the 7970 level and hold there before the bears will back off again. It can then counter-rally as high as 8148 line again at best before it falls away again.
...
Bitcoin Bitstamp Chart Bigger Picture
Bitcoin Bitfinex Chart Update
Bitcoin Bitfinex Chart Update Closer
Bitcoin Coinbase Chart Update
Bitcoin Coinbase Bigger Shot
Bitcoin Future Chart Update
* For fastest Bitcoin updates please see link at top-left of main page.
Bitcoin Bitstamp Chart Update
After a long fight over the 8148 line the bears finally won out triggering a short to 7935 - but Bitcoin slammed straight through this level and made a spike low at 7811 on Bitstamp, some 14 points above the next support line at 7797.
The overall pattern is slowly deteriorating again now that 7935 has been overcome by the bears. We have the leaping marlin effect still to deal with as institutions play it out and reel it back in again, so we need to remain aware of this dynamic price action which is still there in the back-ground.
Despite this, once Bitcoin breaks below the 7797 line it should fall away more to 7562 opening the next short and bounce again when it gets there, at least in the short term. Follow price action carefully at that point: if no bounce and kick emerges can stay short.
Once 7562 fails by 15 points or more It should then fall back to 6784. Another good short if and when it triggers.
On the upside Bitcoin has to pull itself back over the 7970 level and hold there before the bears will back off again. It can then counter-rally as high as 8148 line again at best before it falls away again.
...
Bitcoin Bitstamp Chart Bigger Picture
Bitcoin Bitfinex Chart Update
Bitcoin Bitfinex Chart Update Closer
Bitcoin Coinbase Chart Update
Bitcoin Coinbase Bigger Shot
Bitcoin Future Chart Update
* For fastest Bitcoin updates please see link at top-left of main page.
Comment:
13:57gmt 08:57 est Update
Bitcoin Counter Rally Counts Bitfinex Feed
Bitcoin's counter-rallies so far in this run usually amount to 114 points and extend to 129 points at most so far.
That would put this rally at the best so far, up 140 from the low today at 7784.
It's now testing the underside of the nearest line of resistance at 7929 and should come off again from here.
Resistance extends above it from here to 7969 - it has to bust above here and hold to flip back to positive again from here.
Bitfinex Bigger
Bitcoin Coinbase Chart Update
Levels OK here so far...
Coinbase bit bigger
Good lines so far today
Bitcoin Bitstamp Update
Not so slick and clean as Coinbase so far today
Bitcoin Counter Rally Counts Bitfinex Feed
Bitcoin's counter-rallies so far in this run usually amount to 114 points and extend to 129 points at most so far.
That would put this rally at the best so far, up 140 from the low today at 7784.
It's now testing the underside of the nearest line of resistance at 7929 and should come off again from here.
Resistance extends above it from here to 7969 - it has to bust above here and hold to flip back to positive again from here.
Bitfinex Bigger
Bitcoin Coinbase Chart Update
Levels OK here so far...
Coinbase bit bigger
Good lines so far today
Bitcoin Bitstamp Update
Not so slick and clean as Coinbase so far today
Comment:
It's a busy day and these updates are getting out of hand - should be latest at top..
So will prepare a new chart to upload to next thing...
Bitcoin Bitfinex Update
Appriaching the next support line at 7598.
Close out shorts and be ready to short agin on a break below here with stops 30 to 50 above
Bitcoin Bitfinex Feed
Nice price action off the lines here so far...
Bitcoin Chart Updates
Mofo charts! Bitstamp compared to Bitfinex has been good and the low only exceeeds the support line by 9 points here.
The next levels below here are 7382, and 7165, both quite minor in importance.
Suppor begins to build again at 6966 and then 6784 and finally 6505.
Looking beyond a period of consolidation off the 7553 line here, evntually this level should fail and force price back much further still towards 6505.
Sorry for screwing up Bitfinex , next chart
Bitcoin Bitfinex Feed Update
This chart flipped unde rthe next shoert trigger by some 40 or so points before whipsawing back above the line at 7598. Not good. It will try for a decent conter-rally now towards 7738 -7778 range at best before it falls away again.
Bitcoin Coinbase Chart Update
Another 30 point violation of the next line of support at 7783 here as well.
Will try for a counter rally to 7760 -7817 range at best before falling away again.
Bitcoin Futures Update
Close to perfect here - still very useful back-up confirmation for trades on the other exchanges.
Bitcoin Futures Chart Bigger shot
Bitcoin Futures
Staring at the brink of the abyss.
Wait for it to jump and then follow...
So will prepare a new chart to upload to next thing...
Bitcoin Bitfinex Update
Appriaching the next support line at 7598.
Close out shorts and be ready to short agin on a break below here with stops 30 to 50 above
Bitcoin Bitfinex Feed
Nice price action off the lines here so far...
Bitcoin Chart Updates
Mofo charts! Bitstamp compared to Bitfinex has been good and the low only exceeeds the support line by 9 points here.
The next levels below here are 7382, and 7165, both quite minor in importance.
Suppor begins to build again at 6966 and then 6784 and finally 6505.
Looking beyond a period of consolidation off the 7553 line here, evntually this level should fail and force price back much further still towards 6505.
Sorry for screwing up Bitfinex , next chart
Bitcoin Bitfinex Feed Update
This chart flipped unde rthe next shoert trigger by some 40 or so points before whipsawing back above the line at 7598. Not good. It will try for a decent conter-rally now towards 7738 -7778 range at best before it falls away again.
Bitcoin Coinbase Chart Update
Another 30 point violation of the next line of support at 7783 here as well.
Will try for a counter rally to 7760 -7817 range at best before falling away again.
Bitcoin Futures Update
Close to perfect here - still very useful back-up confirmation for trades on the other exchanges.
Bitcoin Futures Chart Bigger shot
Bitcoin Futures
Staring at the brink of the abyss.
Wait for it to jump and then follow...
Comment:
19:46gmt 14:46est - sorry, no time for promised new chart to stop this scrolling mess yet. Please give it a big scroll to reach the update.
Bitcoin Bitfinex Chart Update
Don't like the waythis is sticking here - so am dropping stop to 7571 on Bitfinex - otherwise it needs leaving above 7600 for now - which is around break-even on this trade. It may get taken either way. That's the way it is sometimes....
Bitcoin Coinbase Chart Update
Stop for shorts can be just above the break line at 7584 for rough brealk even if it screws up from here - otherwise not much higher than 7600 here as well
Bitcoin Bitstamp Chart Update
Same here - stops at nearest at 7581 and at furthest just above 7600.
Bitcoin Bitstamp Update
Bitcoin is making another tiresome continuation pattern which can last for a while yet - a short from the upper parallel and and add on break of lower parallel - whenever that comes.
It must break lower than the 7435 level when it does so, on increasing volume too to know that the break is good.
As usual we will need to watch price action at this point and be ready to close out again if it sticks at 7435 and also ready to short once more once we see 7425 broken, looking for 7165 and then 6966.
The next support levels below here lie at 6892(minor), 6784 and major support potential beginning at 6654 and extending down to 6505 on Bitstamp.
Eventually we should test this latter range before we see a really worthwhile rally emerge.
Bitcoin Bitfinex Feed Update
Bitcoin Coinbase Chart Update
www.tradingview.com/x/sFAFA0...
Bitcoin Bitfinex Chart Update
Don't like the waythis is sticking here - so am dropping stop to 7571 on Bitfinex - otherwise it needs leaving above 7600 for now - which is around break-even on this trade. It may get taken either way. That's the way it is sometimes....
Bitcoin Coinbase Chart Update
Stop for shorts can be just above the break line at 7584 for rough brealk even if it screws up from here - otherwise not much higher than 7600 here as well
Bitcoin Bitstamp Chart Update
Same here - stops at nearest at 7581 and at furthest just above 7600.
Bitcoin Bitstamp Update
Bitcoin is making another tiresome continuation pattern which can last for a while yet - a short from the upper parallel and and add on break of lower parallel - whenever that comes.
It must break lower than the 7435 level when it does so, on increasing volume too to know that the break is good.
As usual we will need to watch price action at this point and be ready to close out again if it sticks at 7435 and also ready to short once more once we see 7425 broken, looking for 7165 and then 6966.
The next support levels below here lie at 6892(minor), 6784 and major support potential beginning at 6654 and extending down to 6505 on Bitstamp.
Eventually we should test this latter range before we see a really worthwhile rally emerge.
Bitcoin Bitfinex Feed Update
Bitcoin Coinbase Chart Update
www.tradingview.com/x/sFAFA0...
This has overshot the downside by 30 points leaving a spike under price at the intended 8148 target and the body of the candle on the line. Not too good on this chart after earlier claims the pattern was a little clearer here...mofo
It's since rallied quite well and is approaching the first resistance line at 8277 where it meets the parallel.
It has to break above here to get itself free of the downtrend and whilst trapped within the parallels is still vulnerable to another decline.
But bulls will argue that we've just had 4 small waves down from yesterday's double top highs so any decline from here at least has a good chance of holding up from the 8148 line. And once it can bust back above the 8277 line here and hold the on the retest Bitcoin will start to attract more buyers and we should then see a bigger counter rally start to manifest itself.
In the meantime day traders are trading between the parallels (with at least a 30 points stop hopefully if you are too) whilst the rest of the market waits for a resolution - a break and hold above 8277 (not a spike) to get long again back to 8584 line and alternatively a break (not spike) below 8110 for a short scalp back to 7935.
Bitcoin Bitstamp Closer
Bitfinex Chart Update
Bitcoin Coinbase Update
Bitcoin Futures Chart Update
www.tradingview.com/x/KIx8R6...
*For fastest Bitcoin updates please see link at top-left of main page.