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Bitcoin: BTCUSD Maybe running out of short term momentum, stopsBitcoin: BTCUSD Don't like this pattern very much. That bloody trend line just won't quit ... running out of near term momentum potential. Decision time: depending on what type of trader, day or swing or long-pull; Day-traders stick a stop right under it, around 7320...next stop at just under 7300 and final stop remains under 7250 for now...it really needs a push now to clear that overhead line and if it doesn't come soon it will get sold off again
BITSTAMP:BTCUSDLong
by sumastardon
1
Bitcoin: BTCUSD Now you're stalkingBitcoin: BTCUSD Half-Time NOW you're stalking Football half time and Bitcoin has just broken above that old trend line - and nw it's coming back to test it from above ...so cool, so far...it should dance between the line and fixed support potential at 7350 ....the old near term resistance becoming support...as you were writing a text book and the stock just obeyed the rules...it's so weird. It should, if it carries on behaving in classical fashion bounce here - if it doesn't , support is close at hand....raise stops to just under 7240 or even to 7320 if day trading and running a big profit...otherwise hold. We either lose 30 points or...the .upside is incalulable once 7500 is beaten
BITSTAMP:BTCUSDLong
by sumastardon
GBPUSD: Neutral now awaiting next signalGBPUSD Neutral now awaiting next signal Price action over last 12 hours has seen Sterling break below the lower parallel, thereby breaking the staggered uptrend that's been in play since the turn of the year. It doesn't look good for GBP but the game isn't up quite yet... Right now this pair is neutral: Need to see a break below that support line at 1.3021 to turn aggressively bearish again, looking for a fall back to 1.2765 (with 1.2863 serving as a minor rally point within this decline). On the upside, Sterling is in danger of consolidating yesterday's decline UNDER the parallel - classic chart action prior to the next fall...to escape this threat it will have to move back above the parallel at 1.3090 now and hold up there, rising higher and coming back to use the parallel as support on the next pull back. Only if we see this kind of price action will it look safe to go long GBP again for a rally to 1.3227 at least, and more likely back up to 1.3304 before coming back off again. So neutral for now, awaiting next signal to trade this pair as above.
by sumastardon