BTGUSD BITCOIN GOLD DOLLAR
The rally today is thin and grindingly dull, but it's steady.
Better to be long with a stop under the little uptrend for the
day than flat. But if at any point the day's supporting line is
broken it will likely force price down 25 to 30 points to
340-330 range where it becomes a buy once more. This thing
has already lost the protection of the bigger trend line which
is now acting as resistance. It's not nearly as good looking as
BCHUSD, but so long as the this new dynamic holds up it
cannot be shorted, only bought, with stops below the parallel
until the pattern changes and tells us to reverse.
The rally today is thin and grindingly dull, but it's steady.
Better to be long with a stop under the little uptrend for the
day than flat. But if at any point the day's supporting line is
broken it will likely force price down 25 to 30 points to
340-330 range where it becomes a buy once more. This thing
has already lost the protection of the bigger trend line which
is now acting as resistance. It's not nearly as good looking as
BCHUSD, but so long as the this new dynamic holds up it
cannot be shorted, only bought, with stops below the parallel
until the pattern changes and tells us to reverse.
This has been a nice reliable short once the dynamic support
gave way, as per comment from Monday. Now it's back in the
buy zone so shorts get closed out and reversed long with stops
under 318. Short term target is the falling dynamic around
350 where some day traders will reverse once more for
another short with tstops above the dynamic. Pin bars of
rejection off this line shows it's still strong. Price will then
need to break above this line and hold on any retest to trigger
the next long from here.
On the downside major support lies close by at 319.
Any failure to hold here over the coming days would be
extremely bearish for BTG signalling a good shorting
opportunity back to 260 at least, and potentially all the
way back to 156.