BUY-POINTS
NEOUSD Next Buy Points from HereNEOUSD Bitfinex Feed
NEO is still positive whilst it holds up off the support lines
underneath it and should rally to to 94/95 again soon.
A buy between 84 and 82 with stops below 81.
BTCUSD Saturday Buy-Points and Updates09:20gmt 04:20est Saturday Buy Points and Updates
If you went long again off the retest of the lower parallel it's
held good overnight but has reached the underside of the
neck-line of the small head and shoulders created yesterday
and could have been closed out for 300 or so gain by now.
If still long the nearest support is close by at 9077 so no point
in closing out now.
But it must hold up from here to avoid further weakness back
to 8899 line again.
Failure to do so will trigger another short with stops above 9100.
The overall pattern is still delictely poised with bulls holding
sway above the 9077 line and bears still roaming the zone
underneath 9077. Bullish above the line still and flipping into
bearish territory below it.
More as the move develops...
Bitcoin Bitstamp Update 09:52gmt 04:52est
Bitcoin has rallied from the 9077 line precisely and shot
higher - local resistance at 9389 which should cap the rally in
near term where day traders will likely close out but the
pattern is looking positive - as before- bulls hold sway above
the 9077 dividing line and bears below.
If you bought off the lower parallel for the swing higher and
are still long can stay that way though expect some
downwards movement to arrive soon if so.
Bitcoin Bitstamp Update 12:43gmt 07:43est
Coming back to the 9175 support line and the lower parallel.
A buy here with stops below the line - or can wait for small
dynamic above price to be broken above and the 9224 line
reatken again by the bulls to add or for a safer buy anew.
Has to break below 9175 line by over 15 points to flip back to
negative again back to 9077
13:23gmt 08:23est
Can raise the stop on this long to just under 9200 now and let
it run towards the upper parallel for day traders and to
uppermost larger parallel for swings.
*For Bitcoin updates in real time over the weekend please see
link at top left of main page
FB: Facebook Life and TimesFacebook:FB Life And Times
This chart shows Facebook from it's IPO to the present. In less
than 6 years FB has risen from an all-time low just under 18 to
an all-time high at 195.
Once or twice per year it usually makes a rough 20-24%
correction - but, as with so many stocks, has not corrected
properly for over 18 months now, ever since the election surprise.There's a gap on the chart at 155.5. Taking 20% off
the top gives a 156 target which is also structure highs to left
of price on chart, so there is a a good chance it will find
support there when touched. Providing it steadies here and
starts to fight at 155 it should start to rally back to 164 before
it comes off again.
If wrong here and the upper range of the structure to left is
not strong enough to support FB come Monday, it will most
likely spike lower still to test the lower end of the same
structure at 145-144, offering a potential entry point with
stops under 143 if we see it this week.
Also worth noting: there has only ever been one violation of
the long term trend line/lower parallel - for one day.
All tests of this line have been longer term buying
opportunities, even that scary-looking one day violation.
BTCUSD Bitcoin: Double Bottom Overnight - Thursday Buy PointsBitcoin BTCUSD Near Term Neutral but buy the Break higher when it comes...
Overnight Bitcoin did eventually break down out of the continuation pattern it was tracking and began to fall away again. It came right back down to retest the lows again but it held up, creating another intermediate double bottom, showing loss of downside momentum and that it was safe to buy again with stops under the lows. Bad timing for this to happen overnight as it was a fine signal to trade off. Such is the life of a Bitcoin hunter. Sometimes.
If you were around for the double bottom and were able to reverse or just get long again from there you did very very well. So day traders have had the best of it for the last 24 hours or so. Bitcoin is now probing resistance from the upper parallel of the new continuation pattern it has started to form overnight as well as fixed resistance at 10108 on Bitfinex.
It's therefore vulverable right now and day traders are closing out their longs at the obvious spot, looking to buy back from lower again or if that trick fails, they will buy again once 10120 has been broken above for move to 10448 and then 10680. We can follow that break higher when it comes. Until then we watch and wait. No point in chasing this from here yet. But technically it has made a double bottom now. All it needs to do next is break above 10120 to confirm the double bottom and also a higher high. Until it does Bitcoin is effectively range trading. Useful for day traders but not for the rest. We will follow long when we get the signal with stops about 100 lower or consider buying from the lower parallel if retested soon with stops below the parallel.
Bitcoin BTCUSD Next Buy Points for MondayBitcoin Monday Update Next Buy Points on Monday
Those that ran a trailing stop 50 or so points under the little
dynamic supporting the lows of the day yesterday will have
been stopped out around 11500 for 400 or so points profit. 4%
returns on a slow Sunday is not bad but it was a hard grind
battling against the bots. Bitcoin has encountered upside
problems all night long, unable to push above the rising
parallel which it lost yesterday morning and has struggled
beneath it ever since. It topped out at around 04 est /23est
and has since started to form yet another small continuation
pattern below the same old parallel. Once again Bitcoin is
trying to form yet another a bull flag now. To stay good from
here it has to hold up off the lower little parallel of the flag
formation and start to rally from here again - this is a speccy
buy off the lower parallel with stops under the same parallel
for a small loss if wrong. Otherwise we wait for the upper
parallel to be broken on the upside to follow long again or
add. We know this process can be mercifully quick if the flag
is to stay good from here - and if not and no buyers appear
soon to take the price back up it can drag on for hours more
yet and start forming a longer-lasting continuation pattern as
yesterday. And as yesterday, and most days recently, we need
to stay patient, but ready to act when the signal we are
waiting for is given to do so.
Downside is being constrained by the lower parallel of the
embryonic flag formation - Bitcoin would have to break below
this line to turn negative again from here - so cannot be
shorted unless we see this parallel fail from here.
Bitcoin BTCUSD Still Positive Today: Next Buy PointsBitcoin BTCUSD Saturday Update/Buy Points
After another 15 hour period of dreary consolidation lasting
through the European session and right through the US session
to the close Bitcoin finally bottomed right on the low point
forecast for the day before the rally we spent all day waiting
for finally kicked in. Patience was finally rewarded as Bitcoin
began to push higher again into the far East session, rallying
to an overnight high at 11419 before the customary 06/01est
sell off. Later today it should push higher still to test 11790.
In the meantime though, it can spend quite some time moving
sideways once more, using the 11192 line here on Bitfinex as
support as it does so - and can come back to the parallel
underneath it at lowest to stay good from here today for the
rally to 11790. This process may be mercifully short - but it
could also last several hours as it did yesterday. We need to
be prepared for both. Look to enter long if not already from
11192 -11050 range (with stops under 11000) or can add/enter
long again once 11430 has been broken above for rally to
11790 where we will look to close out and maybe reverse
short if touched later on - depending on price action when we
reach the upside target. More as this move develops.
Whilst Bitcoin remains within the parallels guiding this rally it
remains overall positive.
Bitcoin: BTCUSD Still Positive: Next Buy Points TodayLatest Update 11:00est:
Bitcoin is still positive and a near term buy on retests of the
smaller dynamic underpinning the day's rally towards the blue
support line at 9960-9940 with stops below 9900.
Also raising the stop here to just under 9900 on current longs
on Bitfinex to trap in 100 + points if it gets struck (day
trading). The other choice for swing traders is to leave the
stop just under 9800 for break even from here. The overall
trend will remain positive whilst Bitcoin remains above the
larger rising dynamic it bounced from earlier and that we
used for this original long entry.
Last Tv Update, yesterday:
If it loses the main dynamic it will unravel a little but looks
unlikely to break below 9496-9450 levels if it does - there
should be a lot more upside from here though.
How you prefer to trade it up to you. But for the forseeable
future this is a buy dips market. That only changes if the
lower larger dynamic gives way at any point from here.
1st Update today 05:05 est
Some swing traders will still be running the long and using the
bigger dynamic as a final exit (as per Tv updates). If so stay
with it. If not and looking for the next long from here, we
have a chance of a trade from here at 9740-9700 if using a
stop below the dynamic which is at 9700 now for smallish loss
if wrong here - otherwise we need to see the upper parallel
broken on the next rally to follow long again, with stops
below the dynamic, under 9700. So long as Bitcoin holds up
off the largest upper rising dynamic that it is closest to now
(at 9700 now) the trend will remain positive and swing traders
can stay long. And if this line gets broken at any point today
the 9496-9450 range must hold up to all challenges from here
to stay bullish overall.
Update 09:31est today
Can raise the stop on this long to just under 9800 for small
win/break even from here. Some traders are happy with 200
points per day so that over 5 days they make 1000 or so. All
depends on profile - some are big game hunters and swing
traders and some are shorter term scalpers. There is no right
way, just the way that suits your temperament and time
available best - it takes every type to make a market...
Bitcoin BTCUSD BReaking Out Again - Next Buy PointsBitcoin BTCUSD Next But Points for Sunday
We got another attempted breakout around 17:00 est which
was enough to trigger a long shot as Bitcoin moved above the
central parallel (it was the upper line at this point in time) at
around the 8380 level on Bitstamp. It then moved up to the
test the first line of resistance at 8545 and a just above
before it once again failed. Not great. But stops should have
been moved up to at least break even and really should have
been moved up to just below 8500 here to protect the
position. Now we have a another break out just underway.
Buy again with stops under the parallel or can wait for a
retest of the parallel it has just left - need to see some
volume pick up and then once it breaks above 8170 it should
attract more buyers still.
Bitcoin: BTCUSD Trend Positive - Next Buy Points this WeekendBitcoin BTCUSD Weekend Next Buy Points
An excellent 1300 or 16% rally on Coinbase with an early break-out at 6.30 gmt at 7950 level yesterday (compared to
Bitfinex) has taken Bitcoin to the 9061 line overnight before topping out 24 hours later (at 6.30gmt this morning) as profit
takers moved in. The lower parallel was broken soon after at 8885 and all longs stopped out at around that point - for 935
points profit from trigger-in to trigger-out. Just so long as Bitcoin keeps moving we can scalp her both ways too...Some
will be getting the hang of this better than others and some are psychologically OK with shorting and some are not. If we
can view Bitcoin dispassionately (as a surgeon views a body on an operating table, for example, and not as something we
love - or hate) - we can make points both sides of the argument. So you all know by now how Bitcoin behaves and
most don't even need any help with it any more (excellent) - as it breaks out of the parallels it loses buying interest (the
world and his dog have seen the same patterns develop too). Sometimes the break is clean and fast, as this morning, and
sometimes the break down is followed by what appears to be, at first at least, a failed break, as Bitcoin then tries to rally
again back up the underside of the parallel it has just lost...it can even double top or reach just below the previous
high...and then falls away again as it should. The exact opposite of a failed break upwards when price breaks the
parallel to the updside and then fails to push much higher to begin with, forcing price back down the parallel it's just broken
above, often as low as the last low at lowest, before it starts to rally as it should when it leaves a continuation pattern. The
exact opposite. Just studying breaks (up and down) and their nature will earn you many fortunes over a life-time. The
exact same principles apply whether trading Bitcoin (super fast) or the Dollar (super slow), or any stock on the market.
So now Bitcoin has busted the lower parallel and triggered a short with stops above the lower rising parallel if so minded.
Can stay short until the dynamic holding down price is broken to upside. Those looking for the next long from here need to
see this same dynamic broken to upside too - it must hold up on any retest or it will fall away again back towards the lows it
has just finished making before it rallies again (as explained in reverse for a break lower). So try to use a stop and
always watch the break (up or down) carefully...is there an increase in volume apparent, if not it could fail so be ready to
cut and wait for next signal if you see this - do not start waiting and hoping the chart is wrong and your heart is right.
Follow the chart and not your heart and you will learn to trade like a hardened Wall St professional. But without having
to leave your house.
Bitcoin: BTCUSD Looking Up Again...Next Buy-Points Today
Bitcoin: BTCUSD Looking Up - Next Buy Points Today
Having spent the overnight session in far East with no buyers or real interest Bitcoin drifted as a consequence. But the good
news was it didn't crash ...that is a massive positive sign that whilst it was getting tired overnight, it wasn't getting rejected
and sold off - just neglected more than rejected. Good for the bulls here. Overnight it has also completed a 4 sections down
move, similar to previous down-moves in this run though not so well defined as the last couple, but still similar. And now in
London it has been bought once more. Usual 'Tokyo Drift' overnight then met with some serious buying out of Europe at
8.30 utc. This break-out, although consolidating now, is a good one by the looks of it. To break out from here and try to
leave all the structure to its left is the first really bold move Bitcoin has made for a couple of days - all price action up to
this point has been consolidating in nature - it's done well and the bulls are beginning to win this 800 point argument that's
been raging for these last 2 days. But right now it's showing spikes on the 15 minute chart on Bitstamp and is liklely to
come off some more - the pattern we were looking for has emerged overnight and been broken decisively to updside by
this morning's price action - if day trading you will probably have already bought the break out and now will likely have
sold (spikes showing and it's hit clear resistance line on Bitstamp too) If so, good trading! And if not, it's OK too, it's
been and gone and there will be another one coming soon - and so we look to buy the dips again
S&P 500 Index SPX Next Buy Points From HereS&P 500 Index - Update Next Buy Points
A fantastic clean break gave an entry at 2635 and showing
about a 60 point profit so far to add to the massive short on
this index right down to the lows on Monday. So far this has
been the most profitable week for shorts and then longs on
the major indexes for over 2 years. We've had the easy part,
now it gets a little more difficult again...
It's now probing resistance at 2700 and can come back to 2668
before rallying again. So can close down the long or
alternatively place a stop close under it to trap in profits if it
does come off more from here first before the next rally kicks in.
On the upside there is resistance potential stretching from
2700 up to 2715 - it has to penetrate and hold 2715 to trigger
the next long which should take it to 2732 to begin with and
then after consolidating to 2762 and close to the upper rising
parallel where will look to take profits again if touched.
On downside, if it comes off from here back to 2669-2660
line will look to buy here with stops below 2260.
Any break below 2260 will signal a retest of the lows - and if
we see this will look to buy again from there.
Otherwise can run this long but with stop quite tight under
price from here to trap in profit if it does fall away to 2669 first.
Nasdaq 100: NAS100 Still Positive From Here - Next Buy PointsNasdaq 100 Index Update
The minimum upside target at 6694 was met and the next, at
'6787 at best before it falls away again' fell 12 points short
with the high of the day at 6675.
Since then Nasdaq has fallen away in a little continuation
pattern that signals further upside in store. It's just exiting
the pattern and can be bought again with stops below 6560.
Or can wait for stronger confirmation once 6614 and the
dynamic above it has been broken above and held on retest.
Should then rally to 6673-6694 range and then once this this
range is passed - after a period of consolidation here - should
rally to 6787-6800 and then back to the highs.
Nasdaq only turns negative again if the lower parallel
supporting price gives way at any point form here.
Bitcoin BTCUSD Sunday Update and buy pointsBitcoin BTCUSD Sunday
After breaking lower early on in London on Saturday morning Bitcoin fell to a low at 10800 on Bitfinex feed - was meant to
fall to 10750 at least once the break came, so not too good. Even worse, no buy orders were placed anywhere near the
lowest levels...on the upside Bitcoin had to break above 11230 to trigger the next long, looking for resistance at 11336
which then needed breaking by the bulls to trigger a rally to 11646 initially and then on up through the resistance levels above it
to an upside target at 12950. Having made that break Bitcoin did rally to 11646 level, spent 12 hours consolidating at these
higher levels before a second surge of buying interest took it to a high overnight at 12190.
Overall, Bitcoin is beginning to stabilise and absorb bad news by defiantly making higher lows with each new horror story to
hit the market. These are signs of underlying strength. Institutions and traders are happy to buy the dips.
Additionally, there is a bull case for calling Bitcoin up to 15770-15957 range on the back of a massive reverse head and
shoulders formation, the neck-line of which was broken through yesterday. This pattern is a little sketchy so only the
neck-line has been drawn in here, but the break came at the 11330 level on Bitfinex and has a minimum upside target of
4625 points, so 15955 on Bitfinex...time will tell
In the nearer term Bitcoin is unwinding an overbought condition and can come back to 11646 again and potentially
to 11500-11400 range at lowest before the rally continues. Look to buy the dip. Bitcoin is beginning to recover - but we still look to trade this monster rather than seeking to own it outright. So long as it keeps moving we can make a lot of points by following the breaks signalled by the charts, whichever exchange you happen to use
Bitcoin BTCUSD Bitcoin and Klondike Compared/Next Buy PointsBitcoin Weekend Update - Bitcoin and Klondike Compared - Next Buy Points
After the selling climax reached post S Korean news Bitcoin, if it was to continue acting like text-book version of how a coin
should move, was expected to rally back to the very start point of the rout and then consolidate. Overnight Bitcoin
played by the book. Actually the high on Bitstamp was 14468, some 29 points under the actual point of rout, but not bad.
This beast a proper thorough-bred. Earlier yesterday either you got stopped out at 13700 for 1000 points profit, or if using
the 'other' service which cannot be mentioned by name under threat of yet another ban (see top left of sumastardon page,
under big green S for more details of that if a Bitcoin aficionado) will have managed to exit very close to the top of
the run yesterday at just under 14150 for some 1440 points profit, or 10% of Bitcoin in 12 hours flat. We can make some
serious returns on Bitcoin without ever having to 'own' it for very long...too risky! Trading this monster is in reality way
LESS risky than owning it. Since that trade we have gone long around 13600 and lost 60 points and gone long again from
13417-13370 range with the subsequent low being struck at 13391, right in the centre of the lowest downside target, and
has since rallied overnight to retest the S Korea pre-news level to within those few points at 14437. If you closed out
close to those levels that was fine trading and another 1020 points won...so up to 2400 points 'mined' in just 44 hours or so
of frantically...twiddling our thumbs and hitting a button about 6 times. When you stop to compare the hardships we
have to endure to mine a few points/dollars from the rich seam in the sky to those faced by the men who set out to find
their dreams in, say, the Klondike gold rush it makes the head spin. The risks they took and the broken dreams they took
home with them, if they survived the ordeal, bear no comparison. They were looking for something real (gold) and
for the most part couldn't find it. We look for something 'unreal' and seem to find it everywhere. We don't have to
cross oceans and climb 'golden staircases' in deepest winter risking our very lives to find it like some of our ancestors did. Could this have been you in another age?
We can sit at home and watch Bitcoin and chill. Way more exciting than Netflix ever was or could be, no? But there's a
deep irony there too. We are so damn lucky. Do we realise it? Well we really are making it 'real' in some respects. We are
turning something that might still be unreal into something tangible and very real. Bitcoin = points = dollars. E=MC2 for
miners. And so long as we hold the dollars who cares if it's real or not? That is not our problem. Our only 'problem' is
spotting patterns in the seam and trading/mining them. That is all we should be concerned with, pretty much - as well
handling tax returns - which should be quite large unless you're planning ahead...
But back to the now, now. Bitcoin is consolidating overnight gains and now has to push on through that high from overnight and break above 14460 to really power ahead again from here, triggering the next long for 500 points to 14960 - otherwise we wait for lower values. First support is at 14081 but gets stronger at 13965-13900 range ...look to buy the dips still, Bitcoin is beginning to get back on its feet
Bitcoin BTCUSD Update and next buy pointsBitcoin Update
The long from the retest of the lows at 12810 on Bitstamp chart has gone quite well overnight as far Eastern buying
helped to drive price back up towards the start of the rout that began 24 hours earlier out of S Korea. We had a likely
upside limit to his trade in the near term at yesterday's high point around 14200 for a rough 1300 point win but it's
stuggling here somewhat under the weight of a new set of parallels that have emerged overnight...likely to unwind some
more in near term - day traders are cashing out at these levels after a 1300 point win from the lows and causing
Bitcoin to flip around at the highs...
Bitcoin is still not home-free from here but it's close to the border line now. We have to see Bitcoin break above the last
high at 14215 to show that we have a real change in trend back to positive from this point - this is the price action we
have to see later today for Bitcoin to stay good for a retest of the highs..until we see this happen we have no real proof that
the trend has changed decisively - this could be another counter rally in a downtrend so far - beating back and
regaining 14215 and holding up on the retest would give us that proof we need that Bitcoin is good for a retest of the
highs from here.
In near term this pattern is one of consolidation - if not day trading and wishing to run this long for the next few days
(hopefully) raise stops to a little under 13780 on Bitstamp for just under 1000 points profit from the low...this still looks OK
but that green streak below us is uncontested so far...can come all the way back to the start again potentially of the
green streak and to the lower parallel before rallying again if 13700 gives way later...we need to see Bitcoin beat the last
rally high yesterday to immediate left of price to show that Bitcoin is definitely changing trend from here - that will
attract more buyers and take price up to 14500 -14656 range which is the area from which the sell off in S Korea began and
the next potential area to look for a consolidation to occur from. And on downside, if we do get a test of the lower
parallel later on that should be another good opportunity to get long again with stops 50 to 100 below the same line.
Bitcoin BTCUSD Next Buy Points TodayBitcoin: BTCUSD
The flag formation stayed good up to the point when the Far East session took over, with no further visits to the lower
parallel - 2 strikes = 'hot' - and Bitcoin then duly broke higher as the flag had warned it would. But the rally only got as high
as 13462, some 18 points shy of the target before falling away again. So was 22 points out on the downside limit yesterday
(meant to test the lower parallel but it stopped just short) and 18 out on the limits of upside for the day - important to
follow how accurate or not these calls are so you can work out an acceptable margin of error to trade off them, is all.
The forecast should have said 'look to short again from upside target' which was remiss as no other upside targets were
mentioned - this was expected limit of upside. Should have covered that. But we make over 1000 points on downside and
took 2 longs which yielded close to 900 points on upside yesterday - where else can you do that on a quiet Saturday?
The first long was brave and not very easy to enter right off the lows as it never hit the lower big parallel, but the second
long at the other end of the day (as China opoened) was worth waiting for and worth following - but even that fell 18
shy of the intended target. No cigars, again. But Ok in quite tough conditions. We could have been wrong-side of this - in
fact since starting to hunt Bitcoin in deadly earnest from November 3rd - over 60 days of intense tracking and trading -
we have never been the wrong side of this monster once...when the chart has said bullish we have followed and
vice versa when it told us it was turning bearish. And then when it told us to stop being bearish, we stopped being
bearish. If we just accept that the chart is boss here and not us we can keep doing OK, hopefully.
Since then Bitcoin has relapsed back 800 points to retest the support line at 12617 and bounced...it should test 13000 and
come off again - still no really good clue that this bear phase is done yet - would be helpful to us to see a double bottom
created on next decline. Failing that, Bitcoin is hammering out a continuation pattern now which can be followed long
once 12987 is broken to upside for move to 13460-13489 again.
Day traders may look to short from 12987 with stops 50 above but ready to reverse long if 13000 is broken, as above. A
break of any support/resistance line by more than 20 points should lead to a test of the next line for day traders.
Bitcoin BTCUSD Next buy points from hereBitcoin. BTCUSD
After spending an hour or so dancing between the two bigger parallels Bitcoin finally broke higher when China opened, and
buyers drove it in a straight line 600 points higher in 15 minutes of frenetic buying, seen in the strong green candles
on chart - and rising up through 4 blue lines of resistance before peaking and now falling back to where we were at the
start of this break yesterday. Frustratingly the advice to raise stops on longs to break even was too timid (at 14250) and so
apologies for losing out on a good trade, as so often, when China kicks in. (it was getting
late, UK time and had to protect the position overnight - honestly would not have had to do this if not for time factors
- think need to shift sleep patterns if a UK or European based trader to somehow last up to around 3am UK time - otherwise
so many good moves are missed - but then some great moves start at 5 to 6am UK time too...it's not easy to decide)
There is no trade still - but that little parallel it's working down now may present an opportunity to go long once it's
broken to the upside, with stops under the parallel by 100 points (either follow quickly on exit of the upper parallel or
wait for a retest from above once broken) - at around 14200 with a stop 50 to 100 below. Otherwise we can wait to see if
there is another test of 113542-13456 zone to try another long from here.
AUDUSD | Another Technical view | Bulls fighting for freedom!AUDUSD | Another Technical view | Bulls fighting for freedom!
Hello guys again!
Here is my technical analyse and price prediction about AUD/USD.
If you are looking for a Buy, you can check & get some information where is the best point for an open position.
IOTA: IOTUSD Next Buy PointIOTUSD IOTA Buy and Sell Points
Next buy point comes on a break above the small dynamic
resistance line which is currently holding back price or
from the first support line at 4.363 with stop below the
lower (rising) dynamic that underpins the rally today. Look
for rally back to the upper dynamic that holds back price
on chart around 5.148.
Next Sell Point will come on any break of that same
dynamic at 4.273 now, looking for a fall to 3.569. Reverse
any shorts here with stops below 3.500, if entry is struck.
Looks good still whilst 4.363 holds up .
BITCOIN: BTCUSD Retesting underside of larger parallel alreadyBitcoin: BTCUSD
Whipping in a tight range between 16750 resistance and
16650 near term support. A break above 16800 is needed
to open the way for a long trade up to 17235. The large
parallel above price should hold Bitcoin back when it
touches it so look to sell when the underside of the
parallel is tested around the old highs. To power higher
from here it will have to break above that parallel again
and hold up there on any retest. It looks unlikely in the
near term but could happen later: if we see this happen it
will be a very bullish outcome, signalling another 1000-
1200 points of upside, towards the uppermost parallel.
But in the nearer term Bitcoin is likely to meet profit
takers at the parallel and up to the old highs at 17270 and
will likely come back to 16740-16650 range one more time
before bouncing once more. If we see this decline set in
try to use it as entry long with stops below 16580
BCHUSD Back to bottom of structure...BCHUSD Update Neutral/near term bullish with Caveats
When you see a failure like this you have a good idea of where
it should come back to...the beginning of the structure to its
left, right? BCH certainly took its time but has eventually
succumbed. As with BTG most stale bulls have been rinsed out
in the wash, us too, thankfully. BTChas come back to the
beginning now and is trying to go again...would really like to
see a double bottom form at 1385 to feel good about a long
but we may not get it. Look to buy on dips with stop below
1380 for now. Don't push upside too far though, this pattern
downwards has not fully completed yet. Expect one more
downwave which must then hold at 1385 for this to really
turn positive again from here.
