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Bitcoin Bounced - Now What?So, we bounced before and on the 4th as expected. But now we're up against that $2600 ceiling again and can't seem to close above it. As we continue to struggle with these upper levels, it is becoming increasingly clear that the market is not willing to do much more here before BIP 148 on August first. I've said all along that I'll remain bullish as long as we continue to remain within the green channel on my chart. However, it is looking more and more like we are going to test channel support once more, and if we do, I am not sure how much longer we can hold until breaking through. Long story short. It's uncomfortable down here near the bottom of our channel. But it's this simple. Above the bottom channel support = hold. Below the channel support = sell. And for me personally, I will probably sell and sit on the sidelines and observe until these forking issues all look to be resolved. Until then, have fun trading my friends.
BITSTAMP:BTCUSDLong
by stewdamus
Look how perfect!Check this out! After breaking through our $2420 support, I became a bit nervous. We only had one more stop before the floor fell completely out and that was at the $2330 area. Fortunately, there was plenty of support to hold us today. We had the bottom of our channel, the 50 day MA, and the bottom of the Bollinger Band all holding us up at the same area. We held today, bounced, and it now looks like we will even close this candle far above $2420. As the market hits the far east tonight, we should get even more support. With this long awaited consolidation, the crypto market has had it's chance to catch a breath. We can now continue our move onwards and upwards. As always, happy trading friends.
BITSTAMP:BTCUSDLong
by stewdamus
3
$2760 - So you're telling me there is still a chance? Last night I had hoped we'd break through our overhead resistance of $2760 as the far east took over the helm. However, the show of strength that I was hoping for was nowhere to be found and Bitcoin closed the last candle in anticlimactic fashion. As I've stated in previous posts, if we are unable to break through this resistance, we are in for a few more days of sideways (and possibly downward) consolidation. I am actually a fan of more consolidation here, as it will spring-load any future moves upwards and give us much more strength. If we do consolidate, we will end up breaking through support of the bottom of our ascending triangle. Once this happens, we may rest for a few days and either bounce around between $2599 and $2760, or, we will break through our $2599 support as well and fall back down to the $2400 area. There is also still a chance we can hammer through our overhead resistance of $2760 today. However, this probability is not very likely.
BITSTAMP:BTCUSDLong
by stewdamus