Bitcoin:BTCUSD Buying power grows again -
Updated
Bitcoin: BTCUSD Last Post
That's another pin bar formed on the 2 hour chart showing
quite aggressive buying lower down...can't deny it's still in
danger whilst trapped under the parallel but price action
shows sellers are being absorbed now at ever higher prices.
It can still fail at any point whist under that parallel but even
from here do not want to get tempted by a short due to the
danger of whipsaw - still evident by that recent pin bar. So
the waiting game continues - but now accepting that this really
could go either way...it's Bitcoin. It really is possible to still
escape...the Head and Shoulders pattern is not complete, and
won't be unless 6910 gives way. Therefore need to be
prepared for break either way, looking at it 50/50 now and
trying to stay prepared for a break either way, as per previous
comment. One last point: for Bitcoin to make another break
to the upside and defy the bears just when it looked like a big
bear raid was building momentum would be a hell of an
escape act and should propel it considerably higher still as a
result - so whichever way this breaks should be worth
following, hopefully without getting stopped out this time
around. Be lucky, especially with stops.
That's another pin bar formed on the 2 hour chart showing
quite aggressive buying lower down...can't deny it's still in
danger whilst trapped under the parallel but price action
shows sellers are being absorbed now at ever higher prices.
It can still fail at any point whist under that parallel but even
from here do not want to get tempted by a short due to the
danger of whipsaw - still evident by that recent pin bar. So
the waiting game continues - but now accepting that this really
could go either way...it's Bitcoin. It really is possible to still
escape...the Head and Shoulders pattern is not complete, and
won't be unless 6910 gives way. Therefore need to be
prepared for break either way, looking at it 50/50 now and
trying to stay prepared for a break either way, as per previous
comment. One last point: for Bitcoin to make another break
to the upside and defy the bears just when it looked like a big
bear raid was building momentum would be a hell of an
escape act and should propel it considerably higher still as a
result - so whichever way this breaks should be worth
following, hopefully without getting stopped out this time
around. Be lucky, especially with stops.
Trade active
Fabulous bear engulfing break out...raise stop to 7330 to trap profitsNote
BITCOIN: BTCUSDFantstic bear engulfing green candle out of the parallel which
had to be followed...stops pinging left right and centre as all
those convinvced Bitcoin was about to implode by the chart
pattern had to buy back again. This is Bitcoin. The Head and
Shoulders came close to triggering by breaking the neckline at
6925, but never did. Bitcoin lives to fight some more.
We need to raise stops now to protect profits on the
move/entry point from 7137...raising to 7340 for now. It's
rather overbought and if it comes off from here will probably
fall lower for another shot at getting long if we get stopped
out here for about 200 points profit.
Note
Typo: stop should be just under 7330 for nowTrade active
Embargo back on - too many uploadsBitcoin is currently dancing between the two fixed lines of
support at 7350 and near term resistance at 7456 trying to
unwind a near term overbought condition...it's doing very well
so far...obviously if Bitcoin can hold up on that first support
line at 7350 it's still very strong. And if it fails and the stop is
taken out we'll look to buy back at 7270.
Fantstic bear engulfing green candle out of the parallel which
had to be followed...stops pinging left right and centre as all
those convinvced Bitcoin was about to implode by the chart
pattern had to buy back again. This is Bitcoin. The Head and
Shoulders came close to triggering by breaking the neckline at
6925, but never did. Bitcoin lives to fight some more.
We need to raise stops now to protect profits on the
move/entry point from 7137...raising to just under 7330 for
now. It's rather overbought and if it comes off from here will
probably fall lower for another shot at getting long if we get
stopped out here for just under 200 or so points profit.
Bitcoin is currently dancing between the two fixed lines of
support at 7350 and near term resistance at 7456 trying to
unwind a near term overbought condition...it's doing very well
so far...obviously if Bitcoin can hold up on that first support
line at 7350 it's still very strong. And if it fails and the stop is
taken out we'll look to buy back at 7270.
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