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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
Bitcoin: BTCUSD Extra care at 6300 level over the next few hoursBitcoin: BTCUSD Update Quiet: No Buyers/No sellers, yet So we got the rally from 6300 - the 6312 level has been constantly mentioned recently as a minimum downside target. And it so happens that 6301 is 20% exactly from the high, a text-book retracement. So am thinking that we need to pay it a little more respect next time we visit it, when this little counter rally ends and try to lay out possible scenarios to watch out for that might tell us when the down-wave is finished: it's struggling to move above 6560 as this is written...so not much more upside now, limited at tops by the middle parallel - before it comes off again. Then comes the next big test for Bitcoin: 6300 must hold, creating a loss of downward momentum and a double bottom, with another pin bar on the 1 hour chart, ideally. And then start studding 6300 with pinbar bottoms over the next 3 or 4 hours if things stay pretty dead, like now. Then it needs to make an intermediate double bottom at 6300 in a fews hours' time, when it gets knocked back from the parallel on the first test, most likely. And then, the second, confirming signal will be issued when Bitcoin manages to break back above the upper parallel and to hold up there on the first retest. That would be the confirming sign that selling pressure is finally over - don't think it is but the chart decides this, not me, more's the pity. Long story short: 6300 deserves a little more respect than it's been given in last post. We look for signs of a potential loss of downward momentum there ... but it's still touch and go...the only other way out of this jam is for Bitcoin to hold up off the medium term dynamic on the next decline and start tracking sideways towards the parallel to its right (on chart)...it's possble - still think that any encounters with the centre parallel will be met with rejection - so swing traders are advised to stay short with stops above 6630 - and if we do see a low made at 6300 and then see the upper parallel broken to upside it's time to get long on next pullback towards the same parallel. Don't think this looks over yet, though - and won't unless we price action similar to that just described. Otherwise, stay short for test of the lower parallel once 6300 gives way.
BITSTAMP:BTCUSDShort
by sumastardon
1
Bitcoin: BTCUSD Next levels of interestBitcoin: BTCUSD Still marvel in amazement at the classical way that this thing behaves...It is a text-book chart of the future for absolute sure. How long can it go on ? Time will tell..no stops at 7830 and above have been touched, so we're still riding this monster as she dives deep, and so far haven't been thrown off her back There is minor support at 6445, then it starts to get more serious and may start whipping around more (so far, the classic nature of this decline has been very kind to us...wasn't even that hard, though managing stops drives all traders nuts.) Next potential support is the uptrend line from lows earlier in the year, and it could get a good bounce from here - and there's a chance it could even be the low...don't think so but we need to keep an eye on it. The ideal low/target is still 6312 ...if this develops into a full blown selling climax we should see a spike to 6312 and then it regain the rising support line at 6355 - depending how she blows, there is still a fair chance that we'll see 6165 touched, but each of the support lines shown on the chart has the potential to create a rally up to the line above it as we reach lower levels. Got to eat sometime. Good luck . And take a look at that parabola again...see how once it breaks below it the game is totally over ? Amazing
BITSTAMP:BTCUSD
by sumastardon
Bitcoin: BTCUSD Running on Empty - needs buyers - don't followBitcoin: BTCUSD So far only Corrective/Continuation Running on Empty Bitcoin has at least rallied from the double bottom fake-out low this morning in London but the rally has been feeble so far. Since the low it's formed another little parallel with a bearish upslope, though it does at least have a few pin bars forming off the lower parallel, showing some interest at lower levels.Any green bars quickly hit as the upper parallel is hit as Bitcoin lies trapped in a narrow range too tight to trade even by day-traders now as mean spreads stop the thing almost dead as this is written. It should still grind higher but this is ridiculous now. WTF at 7178? If long be careful, unless we see some green bars emerge soon this is going to fail again. Get out on a break below lower parallel or on test of 7274 if it stays above the parallel from now for 200 points profit if we see it. Only a big green candle is going to save Bitcoin now... It's back in the balance...it really needs a push here. And if it does now fall out of the parallel it's probably time for day traders to start selling too, initially back to 7070-7060 and then harder still if 7050 gives way back to critical support at 6960-6930. As before, this range is last-gasp support for Bitcoin. Any fall below 6900 should be followed by swing traders not too burned by yesterday's debacle, with a stop just above 6960 for a collapse back to 6312 at least and potentially to 6165.
BITSTAMP:BTCUSD
by sumastardon
1
Bitcoin:BTCUSD Raise stops nowBitcoin: BTCUSD Upload Limit keeps triggering so will try to cover next few hours here, not minutes, which is not exactly easy at best of times... So far so good: support at 7346-7350 has held up well and stops remain good, so far...It's likely to keep running into profit takers in the zone from 7500 up to the highs at 7590 so if you want to close out in this range it's not a bad idea, looking to buy from lower down again or alternatively increase once 7600 (TYPO IN TEXT ON CHART, not 7900 repeat not, breakout is 7600) is broken on the upside (whenever that comes). or use a stop under 7430 to trap in nearly 300 points profit so far) Near term support at 7430 for day-traders, a break below here should see further declines to 7347 to begin with...so suggest a stops as above looking to buy back at 7350 area if tested...but with a stop under 7350 by at least 10 points, because if this level is broken on downside the it will hit 7270 most likely, if not the next listed support at 7137 before bouncing again. Swing traders who didn't catch the break above 7137 last night are advised to sit tight for now, awaiting a break above 7600 to go long with stop 60 points below to begin with.
BITSTAMP:BTCUSDLong
by sumastardon
Bitcoin: Moving FastBitcoin: BTCUSD 3 minutes too late... The fall from the right hand shoulder peak at just below the next long trigger at 7425 has been greater than expected for sure. Any stops under buy orders at 7250 have been blown away. Not good. Any day-trading profits from upside earlier to 4725 neck line now reducedby the bad recent long if buy orders at 7300 were implemented creating a 60 point or so loss. Bad one. Sorry. So now it's flipping around below resistance at 7260-7280 and whilst unable to break above here 7280 and hold it's still vulnerable to more selling pressure. We can easily come back to 7135 and 7077 again if 2780 keeps stopping rally attempts from here. Pattern not good in near term..a break below 7200 triggering that next decline to 7135 and then, if this fails back to 7077. The day belongs to day-traders so far: would rather play short side for now...
BITSTAMP:BTCUSDShort
by sumastardon
Bicoin: BTCUSD Reverse head and shoulders now clearerBitcoin Update The reverse head and shoulders pattern is clearer now.. Right on the breaking point now and therefore vulerable to a failure here...but it looks good so far... Because the H and S pattern is clearer it also gives a clearer measurement target on the upside once 7425 is beaten: 77333 is the minimum measurement implication of this break, if and when it occurs so it should be worth following. It would be helpful if it came back to 7350 (if 7350 gives way at any point it could spike down to 7290 -7280 at absolute worst so we have be wary with stops, not to get taken out of a good position on a spike - the worst feeling in world, being right, but still losing money...that is the worst kind of pain, the worst kind of loss. Better to be outright wrong!) Still a battle going on at the neckline now ...if it now breaks higher from here, obviously that shows real strength again...follow it. Otherwise we wait and see if we can get in from lower down at 7350, maybe even 7300 on a spike (put in order in and see if it gets hit...this is what causes those pin bars!!!) - but we'l have to leave the stop below 7250 to begin with if struck to avoid getting hit. Otherwise we trade breakout on upside when it comes. Good luck and be careful with stops!
BITSTAMP:BTCUSDLong
by sumastardon
1
Bitcoin: BTCUSD Ride this Tiger nowBitcoin:BTCUSD Ride It now and let's see where it takes us next... So far, so good...low at 7332 so no stops should have been hit with the cavalry arriving just in time...so now for Bitcoin's next trick...pin bars from thenew high show there's some serious profit taking going on and it should come back to the break-out level yawn, in text-book fashion again? Surely this has to do something bad soon...it's just being too sweetly behaved...anyway despite being a little taken aback by it's sweet nature today we should stay long, I believe ...it can come back to test the old trend line again from above bit it should hold up...it's overbought and needs to unwind some. If it can hold up now you could end up very rich from today's trade....just hold it until you see it getting mentioned on the FRONT page of your newspaper (not electonic, real) - time, as always, will tell Over and out - And Good luck from the man in the white hat!
BITSTAMP:BTCUSDLong
by sumastardon
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