BTCUSD Bitcoin: Sunday Trade Set-Ups
Updated
Bitcoin Sunday Trade Set-Ups
A fairly active overnight session has seen Bitcoin move up to
highs around midnight gmt, then down for 6 hours to 06:00gmt
and 01:00est and then back up again, forming a fairly
sketchy triangle as it moves through time.
The last move down (green arrow) was corrective in pattern
with 4 small waves down before it hit the lower dynamic of
the triangle before rallying again. This move down from the
most recent peak at the 8486 line is 2 tiny waves down so far.
Interest is so low now that it's basically flat-lining.
There is no trade until we see a break unless playing inside
the triangle which is getting trickier and trickier as the
minutes tick away.
But we are getting closer to a resolution now.
It's a buy again on on a break above 8510 for a rally to 8630 -
8681 range. It then has to break above 8690 to trigger a
second long up to 8835-8881 range.
On the downside it has to break the lower dynamic of the
triangle to trigger a short back to the 8219-8200 range.
At all costs 8200 must hold up today on any retest - failure to
do so will flip Bitcoin back into bear territory again back to
8022 initially and then to the 7817-7738 range.
We may be stuck with 100 or so point trades if volumes stay
low today so don't push things unless we see a volume kick
behind us to keep positions open for a little longer.
A fairly active overnight session has seen Bitcoin move up to
highs around midnight gmt, then down for 6 hours to 06:00gmt
and 01:00est and then back up again, forming a fairly
sketchy triangle as it moves through time.
The last move down (green arrow) was corrective in pattern
with 4 small waves down before it hit the lower dynamic of
the triangle before rallying again. This move down from the
most recent peak at the 8486 line is 2 tiny waves down so far.
Interest is so low now that it's basically flat-lining.
There is no trade until we see a break unless playing inside
the triangle which is getting trickier and trickier as the
minutes tick away.
But we are getting closer to a resolution now.
It's a buy again on on a break above 8510 for a rally to 8630 -
8681 range. It then has to break above 8690 to trigger a
second long up to 8835-8881 range.
On the downside it has to break the lower dynamic of the
triangle to trigger a short back to the 8219-8200 range.
At all costs 8200 must hold up today on any retest - failure to
do so will flip Bitcoin back into bear territory again back to
8022 initially and then to the 7817-7738 range.
We may be stuck with 100 or so point trades if volumes stay
low today so don't push things unless we see a volume kick
behind us to keep positions open for a little longer.
Note
Bitcoin Bitfinex CloserBitfinex Chart Bigger Shot
Bitcoin Coinbase Chart Update
Bitcoin Coiunbase. Closer
Bitcoin Bitstamp Chart Update
Bitstamp Bigger Picture
Note
Push stop right up under it - triangles are not always trustworthy!no more than 25 lower than price - may get hit but ...
No lower than 8530 on Bitstamp
Bitcoin Bitfinex
Kind of weird how price is sat there -raise stop higher still to 8559. With no volume this is dangerous
Note
Bitcoin Coinbase Chart UpdateBitcoin spiked into the target range with a high at 8650 on this feed and only came back to 8575 before it did so. Not quite so lucky on Bitfinex, next chart.
The high today has created a new, larger triangle formation shown on the chart.
Now likely to fade away back to 8503-8473 range where it should bounce again.
As before, It now has to break above 8660 to trigger the next long from here (as above)
Alternatively for day traders, a break above the small dynamic from the high should lead to a retest of 8860.
Bitcoin Bitfinex Chart Update.
this came 2 points lower than the stop at 8559, to 8557. Mofo. Sorry for that.
Any newer members of the group are encouraged to read the warning on stops pinned at top of page.
Busted stops too early are worse than being plain wrong on a trade. Beware
Bitstamp Chart Update
Note
Updates Today from 10:31gmt 05:31estraise stop on long to no lower than 8530 on Bitstamp
Bitcoin Bitfinex
Kind of weird how price is sat there -raise stop higher still to 8559. With no volume this is dangerous
Bitcoin Coinbase Chart Update
Bitcoin spiked into the target range with a high at 8650 on this feed and only came back to 8575 before it did so. Not quite so lucky on Bitfinex, next chart.
The high today has created a new, larger triangle formation shown on the chart.
Now likely to fade away back to 8503-8473 range where it should bounce again.
As before, It now has to break above 8660 to trigger the next long from here (as above)
Alternatively for day traders, a break above the small dynamic from the high should lead to a retest of 8860.
Bitcoin Bitfinex Chart Update.
this came 2 points lower than the stop at 8559, to 8557. Mofo. Sorry for that.
Any newer members of the group are encouraged to read the warning on stops pinned at top of page.
Busted stops too early are worse than being plain wrong on a trade. Beware
Bitstamp Chart Update
Bitcoin Bitfinex Update
People are holding in hope of a push higher tomorrow .
We are making a 4th wave higher which has to break the upper parallel of the current continuation pattern to push higher towards the upside target at 8835-8881.
Don't want it to stop here but if it is going to it will be here at the upper minor parallel .
And it needs a break below the lower parallel to tip it back to 8486-8451 again.
Needs volume now to kick it higher through the little parallel.... close out half longs here or all - and be ready to get long again if it breaks higher again - with volume coming fast behind it to confirm.
Bitcoin Coinbase Chart Update
Bitcoin Bitstamp Update
Bitcoin Futures Chart Update
For fastest Bitcoin updates in real-time please see link at top-left of main page
Note
Bitcoin Bitstamp Chart UpdateAfter falling away from the upper parallel of the smaller continuation pattern late last night Bitcoin has fallen away to a low at 8286 on this feed.
The larger pattern Btcoin has hammered out over the weekend is a bear flag which looks ominous on the 30 minute chart.
Right now it's trying hard to stabilise under the lower parallel of the bear flag.
where some day traders are shorting again with stops above the lower parallel due to the bear flag pattern they've spotted.
Obviously if they can keep price under the lower parallel this will eventually fall away again until buyers can be found once more.
It should then fall away to the 8240-8161 range and when broken below will start to pick up speed to 7797 at least, if not to 7562.
To have any chance of escaping to the upside from here Bitcoin has to push above 8468 to trigger any long shot today.
Bitcoin Bitstamp Closer
Bitstamp Bigger Shot
Bitcoin Bitfinex Update
Bitcoin Bitfinex Closer
Bitcoin Coinbase Chart Update
Bitcoin Bitfinex Chart Update
So far this is still not a good look.
The counter-rally lacks any interest so far, reaching just below the 8451 line here and the pattern is one of minor continuation under the rising parallel above price now.
It's a sell again when the small dynamic underpinning the rally from this morning's low is broken with stops above the same dynamic once broken (as above comment from there) .
On the upside, as before to have any chance of escaping to the upside from here Bitcoin has to push above 8451-8486 range on Bitfinex to trigger any long shot today.
Bitcoin Coinbase Update
Bitcoin Bitstamp Chart Update
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