Bitcoin Saturday 9th March Next Trade Points Overnight Bitcoin has rallied to the next line of resistance listed at 9493 with an overnight high at 9506 reached at the now customary 06:00gmt/01:00est turning point, before falling prey to profit takers once again. The break above the holding larger parallels was an encouraging signal for the bulls in this argument. But the overnight rally didn't carry much serious intent with it and didn't create much interest really. We did get a second chance to buy at 9000 though and the run up to 9496 was worth another 500 or so points so if you stayed with this through a slow Friday night you at least got some reward for that patience. But Bitcoin is still stuck within a continuation pattern as a result of last night's price action. Now it falls to Europe and then the US to keep the bull flame flickering today. Since 06:00 gmt it's spent 3 hours or so drifting back downwards. There looks to be 2 potential buy points from here. The first is from 9012-8951 range if we see it come off further from here during today, looking for an entry off the lower parallel of the continuation pattern with stops under the same line. The second buy point will come once the small falling dynamic from the overnight high has been broken through again to the upside. If we see this materialise we can follow long or add with stops under the dynamic. It's the weekend and longs are going to need a volume surge to accompany the break higher if it's to be trusted. If we don't see this be very careful with any longs. We could well see a failed break without some decent volume behind it. Initial resistance at 9500-9510 and the upper parallel of the continuation pattern, then 9831 and 10112. To really start to rally hard Bitcoin will have to break free of the continuation pattern it's being held within, busting through the upper parallel. But it's the weekend and it will need some serious buying later if this is to materialise for us. Looks unlikely right now but if it does happen today at any point we have to follow/add, with stops 50 or so below the break line/upper parallel. It may be unlikely but it's Bitcoin. We have to be prepared for all eventualities, even on a weekend. Returning to the downside: we have a bunch of tiny spikes forming above price on the 15 minute chart but there is no selling pressure, more lack of interest. It can drift lower as a result, back to 9000-8950 but it must hold up here, off the lower parallel if Bitcoin is to stay positive today. A fall below 8950 would tip Bitcoin back into bear hands again and likely force it back to the 8784 line again at least and more likely back to 8356 where it should begin to rally once more. The 8356 line is now critical support for the bull case. Any failure to hold at any point over the weekend will create another run lower, to 7835 at least and more likely to 7547. This looks unlikely at this point though, so long as it remains a FUD-free weekend.
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Coinbase - stops just under the small central parallel - can comeback to the lower one if it breaks lower now...it's getting tired and needs buyers right here to stay near term good now
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For more updates in real-time the link at top-left of main page has been updated
Bitstamp Chart Update Bitfinex Chart Update
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Coinbase Update Has flipped back lower to support - coming up a buy again a buy with stops under the parallel MUST hold that parallel or it flips back to negative again - get reaady to reverse short if so. Updated Link: For real-time updates please see top of main page
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Bitcoin Update Although it's amde a bounce from the support line and just under at 9053-9000 it's unlikey to rally very far This looks like a suckers'rally now. It will have a problem to push above the parallel directly above it now. Eventually it is likely to fail and start dropping towards 8743 and then the lows at 8363 where we can look to buy again if it holds and fights there when retested later, maybe at 06:00gmt/01:00est and maybe earlier. But in the interim it can grind higher slowly and steadily within the confines of the two lines trapping it now
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21:06gmt/16:06est testing next support line now - a bounce and then back to the lows later
For real -time updates please see top of main page
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Bitcoin Last Update Tonight Bitstamp feed has been the most reliable for patterns today so far and has only a small spike on the upper parallel, unlike Coinbase and Bitfinex to a lesser extent. this is the 4th wave down - it is likely hthis will be the last before it rallies up through th eupper parallel. Follow that brak - need to see some volume surge at tthat point, otherwise watch it and raise stop. On downside it has to break below 8363, as above comments. Until tomorrow, be Lucky
Bitstamp Chart Update
Coinbase Update
Bitstamp Update
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Bitfinex Chart Update And If these updates have been helpful please hit that agree button ! Sorry about typos. Thanks
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Sorry to abandon post at what turned out to be such a critical moment - (Mothers' day in UK) - can make excuses for most social-type things but not that one. Mama mia ! Such cruel timing today - the short was stoppped out as it regained the 8744 line and broke back up through the small parallel just around this level. If you managed to get long without a prompt somehwere between here and 8800 as the bears ran for cover well done to you. Now Bitcoin is making a small continuation pattern but so far holding up off the nearest support line at 9150. It can be bought or added to once the upper small parallel is broken on upside with stops under the same line. In very near term it can spend some more time consolidating and if 9150 gives way should come back to 9012-9000 - so stops on any longs can be raised to just under 9150 looking to buy back at 9012 if struck. Overall though today's price action has effectively created another double bottom over a 40 hour period - showing that loss of downward momentum bulls and HODLers have been hoping for. It's the first bullish signal we've seen for days. So we can look to add or follow the next break higher when it comes.
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