Bitcoin is now approoaching important resistance again at the break level/original shorting point from yesterday, at 6445-
6510, with the additional problem of the old dynamic support line that propped up the rallies from the summer lows hanging
above it 6515. So it's a near term short for day traders from 6510 with a stop 50 points above but only back to 6300,...
BITCOIN: BTCUSD Update on Positions
Not a bad day, so far but need to keep an eye on this short still...day-traders have made 250 points from the short from
6300 early in UK morning, then another 200 to 450 points from the long at 6050 just an hour later, depending on where you
took profits and now we're short once more from the highs of the day at 6450 with...
Bitcoin: BTCUSD
So far so bad. It took a while thinking about it but it dives deeper now, hopefully pulled down to the lower parallel
where we'll look to take profits if touched, especially if it just slips away on low volumes. Could well bounce off the next
listed support at 6165 giving day traders a chnace to loosen their grip for a while, but if it hasn't...
Bitcoin Update
Although it's now testing the next line of support at 6312, unless a day trader would advise to stay short lloking for a
test of the lower parallel. Some day traders will close out here looking for a decent counter rally back to the last
support/new resistance at 6425, though the old trend line, now at 6390 may now prove so toxic that any rally...
BITCOIN: BTCUSD On the Brink Right Now
Testing the first support 6425 range. Day-traders will be closing out again here, looking to see if selling power wanes
...don't think so but it could create a little counter rally from 6425-6400 , with 6400 being the exact point where the
medium term trend line stands right now - and if it does, it should get stopped by...
Sad attempt at counter rally here . Think it looks Ok to short from 6943 again if touched with stop 40 points above....if it can bust above 6943 (which maybe it will) it should push up to 7060-7070 where it becomes a compelling sell if seen, with stop at 7160-7170 which will likely be the absolute limit of upside potential - before it should fall away again to...
Ethereum showing a falling wedge. Is it ready for another rise? In that case, what will the next resistance be? Any comments or ideas are very much appreciated!
Cheers.
Bitcoin BTCUSD Update Too Whippy
Got stopped out around even at 7060 this time. Still
unconvinced by the rally attempt and looking at that pattern
it should fall much further still. Yet, we've seen how tricky it
is selling now, with two pin bars on the 2 hour chart, so
although bearish this area here between 7137 resistance and
support at 6935 is too full...
Bitcoin: BTCUSD
Got to sleep sometime unfortunately. Sure enough Bitcoin made its low at 6928 after making an initial low off the lower
large parallel and bouncing it then came back to make a double bottom low at 6928 before doing what it was meant
to...bouncing up to test the upper contolling parallel. Annoyingly, after trying to avoid getting stopped out of a...
DXY: Dollar Index
DXY is up and down like Harvey Weinstein's pants.
But those series of pin bars forming over the course of this
week shows serious support for the dollar at 94.41.
This whipsaw can persist a little longer and cause havoc with
positions (as in Gold, and across the pairs) and it's why it
helps to keep an eye on this chart if trading any pair...
EURUSD It's plain to see that this this pattern is still one of continuation and eventually EUR should break the lower
parallel containing this week's minor corrective up-wave and come much lower still...so am not looking to buy dips, more
to sell the EUR rallies back to the upper parallel, looking for much lower values once the parallel gives way...
Whilst...
GBPUSD Neutral now awaiting next signal
Price action over last 12 hours has seen Sterling break below
the lower parallel, thereby breaking the staggered uptrend
that's been in play since the turn of the year.
It doesn't look good for GBP but the game isn't up quite yet...
Right now this pair is neutral:
Need to see a break below that support line at 1.3021 to...
W1 - Special cycle completed, followed by bullish divergence and bullish convergence.
We can now look for pullbacks and buys.
D1 - Price created lower lows for double waves down. Both 61.8 and 100 level has been reached by the same candle. Bullish divergence created.
Uptrend line coincides with the zone where the fibo levels 61.8 and 100.
If we can get a...
DXY: Dollar Index Update
Been waiting for DXY to come back to 94.28 at least, if not to 93.99
(and potentially a spike to an extreme low off the lower trend line at
worst) before the Dollar begins its next surge higher...
But it's putting up a fight at 94.45 in London today.
It can still come off from around 94.70 mark though so getting
the turn here is...
DXY: Dollar forecast for coming week: short term weakness on Monday/early Tuesday (latest) back to the neckline of the completed reverse head and shoulders formation at 94.28-94.00 range, followed by by another 2% rally.
Suggest using early USD weakness on Monday to set up more long positions here and on USD/EUR
Next has a long chart pattern. Each move is about 300 days!
The consolidation should be a little shorter but Next is waiting to peak around APRIL of 2018.
Unless something changes that is a long wait for growth. And no bottom yet.
