Short

BTCUSD Next Larger Trades from Here

Updated

Bitcoin (Bitstamp) Update
Just flipping up and down inside the continuation pattern so far still.
What looks like 3 minor waves up so far - can be another one soon but still the pattern here is not worth trading unless
playing off the minor parallels for scalps right now. As before it has to break the 8468 line here for a rally to 8539
where there is quite a lot of overhead resistance potential. Bitcoin really has to break above here to start attracting more
buyers and to start flipping short stops quite quickly. So this is the point where swing traders are most likely to join any rally
- we can too if we see it happen later. Otherwise the field belongs to day traders in the near term.

On the downside we need to see a break below the lower parallel of the continuation pattern to trigger another short.
If the bears can keep price under the lower parallel this will eventually fall away again until buyers can be found once more.
It should then fall to the 8240-8161 range and when broken below will start to pick up speed to 7797 at least, if not to 7562.
But be careful of the break lower if and when it comes. It may only fall to 8286 -8240 range to start with - if it rallies again
from there do not want it bouncing much above 8351 and back to the underside of the lower small rising parallel once
broken below. And ideally we want to see no real bounce at all - at any rate a break below the 8240-8161 range on this
feed by 10 or more points will tip Bitcoin back into negative and us into full-on bear mode again, targeting 7797 at least,
then 7562 and potenially much lower still.

Note

Bitcoin Coinbase Update

Bitcoin Bitfinex Feed Update

Note

Bitcoin Bitfinex Chart Update
If you went long on the break above 8486 can close out now for 220 points profit

Bitcoin Coinbase Chart Update

(Apologies, busy most of afternoon)

Bitcoin has held up well so far and is now probing the the junction of fixed and dynamic resistance lines at 8826 on Coinbase and is still vulnerable to further correction below here- spikes above price right up to the line itself shows there is likely more unwinding in store in the very near term.
It now requires a move above the 8826 line by 10 points or more to trigger another long from here to9000-9049 range and then once this is broken above to as high as 9370.
But until then Bitcoin has to unwind some more first. This is very importantant resistance at the 8826 line, so quite a few traders are shorting with stops above the line ready to flip long again if broken, which is helping to create the price action we see now. No bad plan if day trading today.

Bitcoin Bitfinex Feed Update

Bitcoin Bitstamp Chart Update

Note

Bitcoin Update. Back in Neutral for Now
Bitcoin Coinbase Chart Update
Bitcoin has spent the overnight session stuck in yet another continuation pattern directly under the pattern hammered out yesterday. It only fell towards the second line of support at 8604 after a low at 8610 before bouncing again.
It's a buy for day traders playing the range between the upper and lower parallel of the continuation pattern but for swing trades from here we're going to have to wait a while longer .
Bitcoin still has to break above and hold that big resistance zone centred around the 8826 line on Coinbase to have a chance of attracting more buyers and of pushing higher still. It's a buy on a break above here with stops just below 8800 if we see this price action develop later today.
There is still the rising uppermost parallel to deal with once 8826 has been broken.
But it's about 140 points higher so still worth a long if we see price action unfold in this way later on.
It then has to break above that last parallel to fly free again to 9049 initially and then, after consolidating a little, to the 9390-9448 range.

On the downside Bitcoin has to break the lower rising parallel of the continuation pattern to flip back to negative again in the near term to 8610-8600 initially and then once this breaks to 8503.

Until then Bitcoin is back in a slow neutral zone for now.

Bitcoin Bitfinex Chart Update

Bitcoin Bitstamp Update

Note

11:51gmt 06:51est
Bitcoin Coinbase Update
A volume spike back up to the mass of near term resistance centred around the 8826 line with a rejection spike reaching to the high at 8847 - day traders closing out and some reversing now too.
For swings the song remains the same so far, as above

Bitfinex Chart Update

Bitcoin Bitstamp Update

Note

Bitcoin Coinbase Chart Update *
Finally, after two fake-ins as Bitcoin spiked above the upper dynamic of the triangle formation of yesterday and came back to the lower rising dynamic of the triangle on the first occasion and then to the apex of the triangle on the second occasion before finally reaching it's very modest updside target at 8450-8460 (high at 8483) before falling away again.
It was damned hard work yesterday. The staid steady hands of institutional players are slowly squeezing the life and soul out of the party. But it still moves faster than pretty much anything else outside of the crypto markets for all that.

Overnight Bitcoin has formed yet another bear flag with two strikes on the upside signifying 'cold', still with a big rejection spike off the upper parallel of the flag.

It's trying hard to stabilise and to attract enough buyers to spark a counter-rally but cannot get far unless the upper parallel of the little channel formed since the overnight high was reached can be broken above. Only then can a buy be considered looking for a counter-rally to 8430 and potentially a spike to the 8481 line again at best before it falls away again.
That's best case scenario right now.

The overall pattern is still bearish and eventually this is still likely to fall away in stages to 7817-7760 range and lower still.

But institutions are playing this like a big marlin on a line, letting it out some and playing it until it tires and then reeling it back in again. When they let it run to the upside be careful with longs - it can't run far before they reel it back in again.
So really we need to be looking for shorting opportunities and any longs need treating as scalps at best for now.

On the downside we need to see a break below 8200 today to trigger the next short back to 8114-8100 range initially. Any break below 8100 will tip it back into bear hands again and it should fall to 7946 to begin with and then to 7818-7760.
Below here the next significant support lies at 7584 and then a bigger drop to 6955.

Coinbase Bigger Picture

Bitcoin Bitfinex Chart Update

Bitfinex Bigger

Bitcoin Bitstamp Update

Bitcoin Futures Chart Update
A little clearer than the other 3. It can rally back to the uppermost falling parallel here at best to mash in bear heads again before falling away.
Otherwise if it cannot manage this over the next few hours and it fails earlier, then once 8225 is broken it should fall to 8110-8100 quickly and then once this fails it should fall away in stages to 7940 and then 7780 on this chart. Next supports below here at 7570 and then the big drop to 6841 on this chart.

*For fastest Bitcoin updates please see link at top-left of main page

sumastardon

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