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BITCOIN: BTCUSD Short set-up hereBitcoin: BTCUSD For what it's worth right now, and looking at the bigger picture and pattern developing in first moment of calm since rising from bed, believe that Bitcoin is most likely to bottom at 5098 - a long way down from here - that view will only change if Bitcoin continues to hold up around current values and then turns up and breaks through parallel as described earlier...unless and until we see that Bitcoin is still very vulnerable - don't look to play this long unless 6515 is broken on upside - look for shirting opportunities and use stops to stay safe....can you see the stop? is it close by ? then trade for small loss if wrong.
BITSTAMP:BTCUSDShort
by sumastardon
3
S&P 500 Short set-up from hereS&P 500 Index SPX500 The last short got stopped out at even - right idea, wrong double top. Now it's fallen below the parallel that's been guiding this impulse wave since summer lows...it's trying to make a feeble counter-rally back to kiss the underside of the lower parallel before it falls away again to 2566-2564 range where it should make a rally attempt to form the right shoulder of a head and shoulders pattern now forming here. Sell from 2580 or as close to as possible with stop above 2583 for 3 point loss if wrong...once 2564 breaks after a first bounce from there of up to 11 points back to 2573-2577 range it should fall again at least back to 2564 and then when that fails to 2541. Two short trades here worth following
FX:SPX500Short
by sumastardon
Bitcoin: BTCUSD Trying to double bottom here at 7077Bitcoin: BTCUSD Update Over the last 12 hours or so Bitcoin has formed a continuation channel , dropping out of the lower parallel as London opened and falling away, making a bounce from support line centred around 7150 and then rallying up to the next listed old support/new resistance line at 7250-7274 where it fell away again under the heavy weight of all that structure recently built directly above it. This is perfect price action for plugged-in day-traders working with the smallest spreads - which brings us back to Goldmans and Co. It would be so educational to watch their Bitcoin desk for a day. It should be a prize in a trading competition. Right now, Bitcoin is retesting the lows at 7077 again, and flipping between here and the next old support/new resistance line on chart at 7150. we know that 7077 was the original start point of yesterday's big rally - so Goldmans etc will try to push it down below here to take out stops underneath and then if it doesn't start to rally from 7077, where they want it to, as per shape of this decline so far, and price gets stuck under 7077, they'll start to unload again and look to pick it up again at 6960-6930 key support. So it's a speccy buy at 7077 but with a tight stop at 7050 because if it breaks here it will come back to major support at 6960-6930 where it's another buy with stops under 6900. So there are two points of interest for buyers today: 7077 with stop under 7050 or 6960-60930 with stop under 6900 if the first shot fails. We were looking for a potential double bottom to form...it should do it here or from the next line of support at 6940 if it's going to do it at all. At all costs, 6900 must hold up to all bear raids today - any failure to do so would tip Bitcoin into serious bear territory, signalling further intense selling pressure back to 6312 at least, and potentially to 6165. A good short if we see it at any point with stops above 6960. Be Lucky
BITSTAMP:BTCUSDLong
by sumastardon
BITCOIN: BTCUSD Way more potential upside in storeBitcoin Update The Shape this is Throwing So far, the parabolic shape Bitcoin is making remains very encouraging for the future. If it can now hold up today between the old high area at 7450 and the new parallel , now at 7425 between now and Tokyo and China opening we could see some spectacular gains...it just has to hold up now... Stops for day-traders remain under the parallel by 20 points or so for now and under 7330 for longer term holders for now. The last massive surge from 6000 to 7350 came from the East. They like break-outs - if we hold up today as above Bitcoin could begin to fly higher, substantially higher. $15,000 looks like the next big number: 2, 3, 5, 7.5, 15 - let's see. But we still need to get through today: depends how involved you want to get from here...it's still in corrective mode just trading between the high and a recent low at 7474...but WOW the shape here, if the highs get taken out later on here and early in China. Suggest increasing holdings if and when (hopefully) the high is broken again aat 7577 - whether that happens soon or later. Use a stop under 7450 and it won't get hit. Good Hunting, once more, with way more potential upside once we see a break above the highs than yesterday. Be Lucky.
BITSTAMP:BTCUSDLong
by sumastardon