XBTUSD Bitcoin: Next Trade-Points
Updated
Bitcoin Next Trade-Points
Bitcoin started to fall away as US markets opened yesterday - a risk-off day across most markets. It bottomed as markets closed. Perhaps Bitcoin is becoming so institutionalised that it will start to follow risk -on and off periods across major markets more closely as time wears on.
Too early to say yet, but worth watching to see how it correlates over time...
Anyway since the low around 21:00Bst 16:00Est Bitcopin has rallied in a little continuation pattern and looks worth buying on dips to around 6244 - but only for a scalp to 6300 - it looks like it's made 2 minor waves up inside the continuation pattern and should make 3 or 4 as the day the winds on. So would rather buy dips again rather looking for a sell right now.
But it will need some buying volume to force Bitcoin out of the the continuation pattern it's now tracking within. Will be interesting to see how it reacts when main US markets open. If it can manage to break the upper parallel of the pattern it should be worth following but volume has to start rising fast at that point to justify staying with it to 6373 initially and then 6547-6595 range.
Staying with upside potential from here, any break above 6600 at any point this week would be extremely bullish and trigger another long shot from here to 6790 to begin with and given more time back as high as the 7334-7400 range again.
That will all change if the 6238-6225 range and the lower parallel of this little continuation pattern gives way (stops below here).
Even then it looks only likely to fall to 6193-6170 - at least to begin with.
It should try to rally from here - unless a streak of red develops on rising volumes as it could well do - the pattern it's making so far is just a bear flag with 280-316 points of potential downside to 5918-5879 once 6195 gives way
The next minor support lies at 6114 and once this gives way it should then fall faster towards the lower end of the 5971-5880 range.
Bitcoin started to fall away as US markets opened yesterday - a risk-off day across most markets. It bottomed as markets closed. Perhaps Bitcoin is becoming so institutionalised that it will start to follow risk -on and off periods across major markets more closely as time wears on.
Too early to say yet, but worth watching to see how it correlates over time...
Anyway since the low around 21:00Bst 16:00Est Bitcopin has rallied in a little continuation pattern and looks worth buying on dips to around 6244 - but only for a scalp to 6300 - it looks like it's made 2 minor waves up inside the continuation pattern and should make 3 or 4 as the day the winds on. So would rather buy dips again rather looking for a sell right now.
But it will need some buying volume to force Bitcoin out of the the continuation pattern it's now tracking within. Will be interesting to see how it reacts when main US markets open. If it can manage to break the upper parallel of the pattern it should be worth following but volume has to start rising fast at that point to justify staying with it to 6373 initially and then 6547-6595 range.
Staying with upside potential from here, any break above 6600 at any point this week would be extremely bullish and trigger another long shot from here to 6790 to begin with and given more time back as high as the 7334-7400 range again.
That will all change if the 6238-6225 range and the lower parallel of this little continuation pattern gives way (stops below here).
Even then it looks only likely to fall to 6193-6170 - at least to begin with.
It should try to rally from here - unless a streak of red develops on rising volumes as it could well do - the pattern it's making so far is just a bear flag with 280-316 points of potential downside to 5918-5879 once 6195 gives way
The next minor support lies at 6114 and once this gives way it should then fall faster towards the lower end of the 5971-5880 range.
Note
...BTCUSDT ChartBitcoin Futures Chart
Bitcoin Bitfinex Chart
Bitcoin Perpetual XBTUSD
Note
Bitcoin UpdateIf still long here or if you bought again towards the test of the 6282 line start raising the stop to just below the 6343 line by 5 points or so as there's no volume behind it so far ...it just looks lame and without some buying interest coming soon will probably drift away again back to the 6282 line where it should make another rally attempt later on should it fail here in the interim.
Note
Bitcoin Wednesday UpdateNo volume appeared to sustain Bitcoin above the 6342 line overnight and so price was slowly forced lower, culminating in a pin bar close to the downside target line/next buy point at 8282 after a low at 8285.
It's created a decent sized 40 point spike on the 15 minute chart and looks OK to stay long for now.
It should grind back up to the 6343 line again but it's so slow...in case it doesn't make it suggest raising long stops to just under 6400 for now (say 6398 on Bitmex) -
The pattern is pretty sketchy still to say the least. Unless scalping for 1% from around the 6282 line back to 6343-6350 range there's no new trade trigger close at hand yet.
Upside
The next upside long from here looks to be on a break above 6380. As usual it will need a volume kick to justify staying with it looking for another retest of the 6500-6580 range.
Staying with upside potential from here, any break above 6600 at any point this week would be extremely bullish and trigger another long shot from here to 6790 to begin with and given more time back as high as the 7334-7400 range again.
Downside
On the downside the next short triggers on a break below 6280 looking for a test of the 6207 -6182 range.
Any subsequent break below 6180 will create an H&S with about 350 points of downside potential to 5859.
Bitcoin Bitmex Chart Closer
Bitcoin Futures Chart Update
Bitcoin Bitfinex Chart Update
Bitcoin Tether Chart
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