BTCUSD: Bitcoin Trade Points From Here
After a surprisingly active weekend of over 750 points profit
(from 7579 before getting stopped out at 6825, stop was too
close by about 45 points or so here, sorry) Bitcoin has moved
back into neutral in the nearterm.
On the Bitmex chart Bitcoin is now moving in a 200 point
range bounded by near term resistance at 6860 and near term
support at 6660.
Its best hope now is for it to hold up until US opens and to
find buyers enough from there to break above 6815 on Futures
and 6860 here on Bitmex - the ensuing counter-rally should be
worth following back to 7056 and 7200-7289 at best if we see
it develop later.
But at the moment Bitcoin is drifting on lack of interest either
way, nearterm neutral but will remain vulnerable whilst
unable to regain and hold the 6860 line here.
It now has to break below 6600 to trigger a quick short
opportunity to 6481-6428 (often the only way to trade it is to
place orders and limits on Bitmex beforehand most likely. The spikes often show imprints in the trail where other traders
have done the same thing).
On the downside there are a series of closely positioned support levels beginning at 6660, then 6518-6481 and last-gasp support at 6428 - which must hold up today for Bitcoin bulls to stand any chance from here.
This might make trading the break lower trickier than usual so will need to take care if trading this part of the range.
But any failure to hold 6420 from this point today will likely flip Bitcoin down to 5887 next. So 6425 is most likely the point that swings and day traders are likely to start to short more aggressively when broken with stops either quite tight above, and no higher than 6620.
After a surprisingly active weekend of over 750 points profit
(from 7579 before getting stopped out at 6825, stop was too
close by about 45 points or so here, sorry) Bitcoin has moved
back into neutral in the nearterm.
On the Bitmex chart Bitcoin is now moving in a 200 point
range bounded by near term resistance at 6860 and near term
support at 6660.
Its best hope now is for it to hold up until US opens and to
find buyers enough from there to break above 6815 on Futures
and 6860 here on Bitmex - the ensuing counter-rally should be
worth following back to 7056 and 7200-7289 at best if we see
it develop later.
But at the moment Bitcoin is drifting on lack of interest either
way, nearterm neutral but will remain vulnerable whilst
unable to regain and hold the 6860 line here.
It now has to break below 6600 to trigger a quick short
opportunity to 6481-6428 (often the only way to trade it is to
place orders and limits on Bitmex beforehand most likely. The spikes often show imprints in the trail where other traders
have done the same thing).
On the downside there are a series of closely positioned support levels beginning at 6660, then 6518-6481 and last-gasp support at 6428 - which must hold up today for Bitcoin bulls to stand any chance from here.
This might make trading the break lower trickier than usual so will need to take care if trading this part of the range.
But any failure to hold 6420 from this point today will likely flip Bitcoin down to 5887 next. So 6425 is most likely the point that swings and day traders are likely to start to short more aggressively when broken with stops either quite tight above, and no higher than 6620.
Comment:
Bitcoin Bitmex Chart Update
The break above 6860 has been lame and lacking volume or follow through. So am raising the stop to just under 6850 for 12 loss if it gets stopped out here.
The break above 6860 has been lame and lacking volume or follow through. So am raising the stop to just under 6850 for 12 loss if it gets stopped out here.
Comment:
Bitcoin Bitmex Chart Update
The break above 6860 has been lame and lacking volume or follow through. So am raising the stop to just under 6850 for 12 loss if it gets stopped out here.
Bitcoin
Continuation pattern forming after that failed break earlier. Just a bear flag so far. 6710 first support and if it's going to bounce it should be from the lower parallel of the nascent pattern - bnut htere's no interest yet with 10 minutes to official open in US. A worry for any brave bulls at this point.
In very near term we may get a bit of buying into US open - may regret it later but am not looking to follow it higher even so at this point.
Am looking to short again if 6700 gives way with a stop around 30 or so higher, which is risky, as below, if we see it happen.
As yesterday, on the downside there are a series of closely positioned support levels beginning at 6660, then 6518-6481 and last gasp support at 6428 - which must hold up today for Bitcoin bulls to stand any chance from here.
This might make trading the break lower trickier than usual so will need to take care if trading this part of the range.
But any failure to hold 6420 from this point today will likely flip Bitcoin down to 5887 next. So 6425 is most likely the point that swings and day traders are likely to start to short more aggressively when broken with stops either quite tight above, and no higher than 6620.
Bitcoin Bitmex Closer
Bitcoin Bitstamp Chart Update
Bitcoin Coinbase Chart Update
Bitcoin Bitfinex Chart Update
Bitcoin Futures Chart Update
*For updates in real-time for more active traders please see link at top-left of main page
The break above 6860 has been lame and lacking volume or follow through. So am raising the stop to just under 6850 for 12 loss if it gets stopped out here.
Bitcoin
Continuation pattern forming after that failed break earlier. Just a bear flag so far. 6710 first support and if it's going to bounce it should be from the lower parallel of the nascent pattern - bnut htere's no interest yet with 10 minutes to official open in US. A worry for any brave bulls at this point.
In very near term we may get a bit of buying into US open - may regret it later but am not looking to follow it higher even so at this point.
Am looking to short again if 6700 gives way with a stop around 30 or so higher, which is risky, as below, if we see it happen.
As yesterday, on the downside there are a series of closely positioned support levels beginning at 6660, then 6518-6481 and last gasp support at 6428 - which must hold up today for Bitcoin bulls to stand any chance from here.
This might make trading the break lower trickier than usual so will need to take care if trading this part of the range.
But any failure to hold 6420 from this point today will likely flip Bitcoin down to 5887 next. So 6425 is most likely the point that swings and day traders are likely to start to short more aggressively when broken with stops either quite tight above, and no higher than 6620.
Bitcoin Bitmex Closer
Bitcoin Bitstamp Chart Update
Bitcoin Coinbase Chart Update
Bitcoin Bitfinex Chart Update
Bitcoin Futures Chart Update
*For updates in real-time for more active traders please see link at top-left of main page
Am trying the light side for a while as more seem to prefer it than black by 2 to 1 - the tyranny of the majority :(
The longer this holds up the more likely there's going to be a bear squeeze - as above if you want to be prepared for it.
Otherwise in absence of a break higher (be careful with stops and use volume confirmation to stay long or set limit at 7049) we wait for a break lower, as above.
The market is continuing to show indecision - it can flip either way in the near term - need to be very careful here and follow the signs as we get them.