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Bitcoin: BTCUSD First Signs of a Bottom in SightBitcoin BTCUSD Update Next Buy and Sell Points We have a low here on Bitstamp at 5920, on Bitfinex at exactly 6000 and on Coinbase at 5873 - so far. Earlier in London Bitcoin has been driven up through the upper parallel that has been controlling this sell-wave from yesterday. It's the first early sign that this is getting close to the bottom now. It's finally trying to put up a fight here at these lower levels...so on downside will not be looking for another short unless 5900 is broken on Bitstamp and 6000 is broken on Bitfinex - and even then will only be for 300 points or so to 5636 and if so will be looking to reverse long again at this point if struck with stops 100 below On the upside it's nothing more than a speccy buy at 6300 with a stop below 6200 - it's more risky than buying the breakout as we don't know for sure that 6200 will hold out yet. Otherwise we stand by for a potential break above the upper parallel, looking for a successful restest from above once broken...it then has to break above 6610 and hold there to give us confirmation that the rally is good to go - look to enter long positions if we see this price action develop. Otherwise will look to get long again from lower levels later.
BITSTAMP:BTCUSD
by sumastardon
3
DXY Dollar Index: Approaching reversal pointDXY Dollar Index Long Term We've been aggressively bearish of the Dollar since that first break below 98.5 back in early May last year. Down another 11% since then it's coming time finally to think about reversing back long again soon. DXY has already hit and bounced from the support line at 88.44. Below here lies a long term dynamic support line which has effectively stalled all Dollar declines since 2011. It lies at 87.70 and even if DXY suffers one last decline from here it should halt at 88.44 and at absolute worst at 87.70 during the course of this week - we should see the final low put in this weekcoming , and likely by the following week at latest if we don't hit the bottom this week. Look to close out most shorts across the dollar pairs into this final selling climax if we see it materialise over the next few days. Swing traders should now, finally, be looking to follow suit too. DXY Shorter Term Last week DXY made a new low at 88.44 before bouncing 1% to 89.51 resistance line with a high at 89.53...The 88.44 level is one of two likely levels to look for a reversal in trend, the other being the longer term dynamic support line, at 87.70 now. If the first level is to be the reversal point DXY will continue rallying from here and not break below the tiny rising dynamic directly under price right now...then comes the bigger test: it has to break above the upper parallel and break 89.53 and then hold on the retest - that would flip DXY back to near term positive and send it back to 92.62 and the falling dynamic resistance line shown on the chart above, where it's next major challenge will most likely lie. Follow that break if we see it materialise at any point this week Downside If in the alternative DXY loses the little dynamic holding it up and then falls below 88.88 it will fall back to 88.44 again and if it cannot base there and make a double bottom it will fall away to the second key level at 87.70 - at which point it should start to find some support. If so start closing out dollar shorts and look to build longs from here. Otherwise, the safer/less risky option for swing traders is to forget about bottom fishing wait to see at what point DXY finally exits the upper parallel of this impulse wave - which has, so far, controlled all upside potential for DXY throughout this current down-wave - and follow that break when it eventually comes, looking for 92.60 initially.
TVC:DXYLong
by sumastardon
GBPUSD GBP Long Term Downtrend Now BrokenGBPUSD Sterling/Dollar Long Term Trend Change GBP effectively double bottomed nearly a year ago now. Since then it's been travelling in channel whose penultimate rally recoiled very precisely from the long term dynamic which has clipped all previous rallies back as they rose to touch this powerful last line of bear defence. Below that line they have maintained control of the medium to longer term. That line has now been broken. In classic fashion, GBP has now returned to test the same line from above, currently giving it one last lingering caress before flying higher. It is a buy at current levels down to 1.3312 with stops below 1.3300 for small loss if wrong from here. Upside target is 1.3832 minimum and 1.4043 maximum . So about 500 pips upside and 33 down. The market is in for a surprise coming here, so long as the old long term resistance line can hold up as support over the next few hours. And even if it breaks overnight it looks only likely to spike to a fleeting low at 1.3228 at very lowest as a result and will then likely rally again. Look to buy GBP on any minor weakness with stops as above. If struck look to buy again from 1.3260 with stop 40 pips lower still. For this call to stay good the old long term dynamic must hold now...if it cannot be broken by bears today it's showing us how strong it is before the rally outlined above begins. And even if it breaks lower, so long as it creates a spike of buying interest which takes it back above the the long term dynamic quite quickly, then once again it is showing underlying strength, not weakness. Buy dips until minimum target is reached 500 pips higher.
Long
by sumastardon
DASHUSD Day Traders' Paradise HereDashUSD Last comment was waiting for a flag to develop and looking to buy at 655 which wasn't great considering it spiked to 614. There was no stop advised here as it's so spikey so if you kept your nerve here, hats off. It was hairy. That flag earlier on Dash, now lost in the noise, was a day trader's paradise. This thing moves so far so fast and in such a big range, 10% to 20% in every 24 hour period. Now back towards the top iof its range and likely to unwind between the top two parallels in near term. A good range for day traders to play within. Take profits if still long and pick up some more around 725
BITTREX:DASHUSD
by sumastardon
Litecoin:LTCUSD Be careful if still long now:correction not overLITECOIN: LTCUSD Negative now due to Bicoin weakness Things have taken a turn back into into negative territory for Bitcoin and Litecoin has suffered as a result. What was fine yesterday is now very vulnerable because of Bitcoin. Bitcoin itself is very negative and should fall another 1000 points from here. But it's making a feeble counter rally right now and Litecoin is moving on Bitcoin's back. Be very careful now if long here. It's broken the medium term support - now acting as resistance, a very negative sign and is likely to come off again soon now. Under the line it's facing real bear terrritory and will likely be forced back down to 50 once 75 gives way. Time to be flat right now or short with a stop above 81 for small loss if wrong in near term
BITSTAMP:LTCUSDShort
by sumastardon
1
BTGUSD steady whilst it holds the trend lineBTGUSD BITCOIN GOLD DOLLAR The rally today is thin and grindingly dull, but it's steady. Better to be long with a stop under the little uptrend for the day than flat. But if at any point the day's supporting line is broken it will likely force price down 25 to 30 points to 340-330 range where it becomes a buy once more. This thing has already lost the protection of the bigger trend line which is now acting as resistance. It's not nearly as good looking as BCHUSD, but so long as the this new dynamic holds up it cannot be shorted, only bought, with stops below the parallel until the pattern changes and tells us to reverse.
BLong
by sumastardon
Bitcoin: BTCUSD Getting Real Interesting againBitcoin: BTCUSD Update Getting Interesting Again Now If you held your stops under 7660 as advised at start of weekend the 7717 level has proved a good entry point. However even if stopped out like me for 30 point loss after spending the weekend fishing, losing bait and cursing and never getting a chance to buy from lower, at least now, after breaking above the upper parallel sucesssfully on second attempt (but not hitting stops placed under 7700) we finally have a decent long trade on from 7790 highest. That bear engulfing green candle just now wiped out 34 hours of sideways movement in 30 minutes flat. This is still strong. No sellers. Just a few buyers... we should see another test of the highs very soon. Depending on risk profile and if long from 7717, either close down at 7980-8000 range and be ready to buy again on break above 8020 (using 100 points + profit from this current long as stop for next trade). If it works out you compound winnings so fast it will make your head spin. If wrong you and stop gets hit once it busts above 8020 you break even. Or you can hold the current long and just watch at 8000...if it sticks (before China opens it could do) close out but be ready to recomit later. This could be explosive (and could also be a complete damp squib) . But you'll never win unless you're prepared to play. Good Luck to all those that do.
BITSTAMP:BTCUSDLong
by sumastardon
2
Bitcoin: BTCUSD Update - Breakout could be soon nowBitcoin Update Bitcoin is still trying to grind higher, now testing critical near term resistance at 7717 where the fixed and dynamic resistance lines meet on the chart. Even if it's low volume, this breakout, should it occur at any point, should be followed for a move back to 7990-8000 where look to close out and short (only if day trader) with stop 50 points above 8000. Bitcoin is unwinding an overbought condition reached on Friday by trading sideways right at the top, in the space you'd expect a very strong stock to consolidate in. It's not been sold off really, not recoiling as it would do if showing underlying weakness at these levels. ..at some point it's going to beat 8000 by 20 points, could even be this weekend, and when it does it should be followed with stops about 100 points under 8000. But in near term it will likely fall away from here...don't sell it though unless you use a tight stop above the upper parallel. Wait, watch for the break to the upside. Be Lucky
BITSTAMP:BTCUSDLong
by sumastardon
Bitcoin: BTCUSD Bitcoin: BTCUSD This should stay fluid for a while yet, giving day traders a great space to trade in... a break below 6000 for a move back to 5747 (can take 200 or so points on that long from 10 minutes ago now if you want...just trade from line to line shown on the chart...we're looking for a double bottom today to sjow loss of downward momentum and give a chance of getting long...swing traders too look for a double bottom. Bitcoin ain't dead or even dying. Opportunity knocks today. we gotta answer the door. More as it develops.
BITSTAMP:BTCUSDLong
by sumastardon
6