Bitcoin: BTCUSD Key Lines and Levels for Sunday Trades
Updated
Bitcoin Sunday Update Key Lines and Levels Today
Overnight Bitcoin has made a minor double top at 11530-11500
with a rejection spike into the secondary high showing loss of
upside momentum and the first sign that this rally is showing
of running out of steam here. In the process it has lost the
support of the lower big rising parallel and is now making a
continuation pattern within a smaller set of declining parallels
which are guiding the current descent. We were using the
lower rising parallel as the final trigger to close down longs and
so should have been busted out around 11230-11190 range for
a smallish 280 or point profit on a trade which went wrong on
us overnight. Not great. But we've still bagged 1424 points of
profit here over this last week so it's not all bad news. But it
was disappointing that the next target at 11790 was never
met overnight all the same as we were looking to short from
there when touched. Too bad. We begin again...
Bitcoin is currently trapped between the declining parallels of
the continuation pattern but we cannot consider buying again
unless and until the upper parallel is broken above at which
point we can enter long once more with stops 50 or so below
the break point/upper parallel.
Day traders will play the parallels in the interim, looking to
buy off the lower parallel and sell again off the upper. But
there is resistance at the 11192 line and it must break above
here for day traders to stay long now for another 200 points
back to 11300-11310 and the junction where the parallels
intersect- For the rest of us looking for the next swing trade,
we have to wait to get long until that upper falling parallel
has been broken above and has been retaken by the bulls and
held. Then we can follow. Until we see this price action
develop we wait and watch. We may get an opportunity
to get long from much lower down yet...but the break of
the lower rising parallel is not helpful to the bull case and
some day traders are shorting from the 11192 line with stops
above in the belief that upside momentum is spent, so we
have an eachway push and pull which day traders are playing,
though not with much conviction either way so far. The rest
of the market is watching and waiting for the next clear signal
to enter. More as the move develops through the day - for
fastest updates please see top left of
main page
Overnight Bitcoin has made a minor double top at 11530-11500
with a rejection spike into the secondary high showing loss of
upside momentum and the first sign that this rally is showing
of running out of steam here. In the process it has lost the
support of the lower big rising parallel and is now making a
continuation pattern within a smaller set of declining parallels
which are guiding the current descent. We were using the
lower rising parallel as the final trigger to close down longs and
so should have been busted out around 11230-11190 range for
a smallish 280 or point profit on a trade which went wrong on
us overnight. Not great. But we've still bagged 1424 points of
profit here over this last week so it's not all bad news. But it
was disappointing that the next target at 11790 was never
met overnight all the same as we were looking to short from
there when touched. Too bad. We begin again...
Bitcoin is currently trapped between the declining parallels of
the continuation pattern but we cannot consider buying again
unless and until the upper parallel is broken above at which
point we can enter long once more with stops 50 or so below
the break point/upper parallel.
Day traders will play the parallels in the interim, looking to
buy off the lower parallel and sell again off the upper. But
there is resistance at the 11192 line and it must break above
here for day traders to stay long now for another 200 points
back to 11300-11310 and the junction where the parallels
intersect- For the rest of us looking for the next swing trade,
we have to wait to get long until that upper falling parallel
has been broken above and has been retaken by the bulls and
held. Then we can follow. Until we see this price action
develop we wait and watch. We may get an opportunity
to get long from much lower down yet...but the break of
the lower rising parallel is not helpful to the bull case and
some day traders are shorting from the 11192 line with stops
above in the belief that upside momentum is spent, so we
have an eachway push and pull which day traders are playing,
though not with much conviction either way so far. The rest
of the market is watching and waiting for the next clear signal
to enter. More as the move develops through the day - for
fastest updates please see top left of
main page
Note
Bitfinex Same thingBut it's made 4 little waves down and this one is a double bottom so far...it is trying to turn up therefore from here but needs some buyers now to stay looking perky...without them it will slide back lower, obviously.It's a speccy buy here only because the stop is so close by under the recent low at 11048. And it's a safer buy once the upper parallel is broken with stops about 50 points lower when broken (not spiked)
If triggered we now need to be aware of that upper parallel which is now controlling upside once the break higher materialises. Might have to close out there if this long trade gets triggered later
Bitstamp Chart Update - New parallels formed overnight
Coinbase Same thing
Bitfinex Same again
Note
Another long wait all day finally rewarded. Sometimes she comes out clean and sometimes it's messy for a while - but this was mercifully clean - so we eother got in close to the lows with stops never touched and waited patiently or got in on the break with stops 50 under the line - no chance of a retest though as volume spiked as bots and humans followed together - it's a little stretched and likely to trade sideways some more, whilst upside is most likely to be contained by the parallel above it now as it rises - but we stay with it if a swinger and if a day trader, well, it's up 300 so far. If you want to close out and come back later for some more there's no harm in that either. Here's a trick question: Which is harder for you/most humans. Buying something at the right moment . OR selling it at the right moment? Note
You feeling this yet?!
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