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Bitcoin: BTCUSD Positive whilst tracking within parallelsBitcoin Coinbase Chart Update Bitcoin was hanging in the balance by 19:00 est/midnight gmt just before far Eastern markets opened and although it was looking in a bad way with the threat of an H&S top formation beginning to loom large above it we can never forget that this is Bitcoin. It's capable of amazing escape acts that make 'Prison Break' look lame and amatuerish sometimes. Bitcoin does what it wants - and we have to follow it and never look to fight it. How many have tried to second-guess Bitcoin and come unstuck ? All of us are familiar enough with the ways of this mesmerising monster to know that by now. Bitcoin leads. We follow. Anyone who thinks they can switch roles is likely to get themselves a new one ripped faster than they can take their pants down. Again. So once more Bitcoin refused to lie down overnight, breaking higher from the new parallels it had formed and after 2 false breaks yesterday, the first that got stopped out for around a 50 point loss and a second break that scooped 200 to 300 points before being stopped out yet again (as well as short from 8170 that had to have a trailing stop lowered behind it as it fell through the break level and should therefore have at least broken even) - the weekend proved difficult and challenging and all in all those who took time out were the winners yesterday - until midnight gmt at least The new week saw Bitcoin finally find some buyers and those who waited patiently and didn't get bored or tired by the wait finally got their reward - a good break-out emerged to the upside just at the witching-hour, midnight gmt, giving a good chance to get long again around 8300-8350 on Coinbase and Bitstamp charts. Since then Bitcoin has had two 500 point pulses higher - both hitting the resistance lines above it almost perfectly on Coinbase (line is at 8821, high so far today = 8817) though we can have only captured a half of that total so far even if you were around for the break when it finally arrived. The second 500 point or so pulse upwards started as Europe opened up for business and so those who missed the earlier break got a good second chance to get long off the parallel at around the 8300 level and just above. Day traders are closing out again at an obvious point but not creating much selling in their wake now. Usually we get 3 to 4 pulses upwards before the rally is spent so if still long can stay that way and consider raising the stop to under 8690 on Coinbase as if it breaks below here it will likely revisit the lower parallalel again where it can be bought again with stops below the parallel for small loss if wrong. As usual Bitcoin should stay positive whilst it travels within the parallels and only turns back to negative if and when the lower parallel is lost.
COINBASE:BTCUSDLong
by sumastardon
1
Bitcoin: BTCUSD Officially left the Building Last Night Bitcoin Update Still strong whilst within the new Parallels Having left the building (contraints of the last paralllel) last night Bitcoin went on a tear, nothing to hold it back now. After bottoming a second time at 13083, just under the 13210 next buy point and under the old parallel by 130 points...this would have stopped out the long from 13210 (in all likelihood, most probably using 100 point stop at that point so a good trade that would have been stopped out was at least avoided. But that doesn't excuse not getting long agin from 13826 level once it had been regained and thoroughly tested from above and survied the onslaught perfectly, with Bitcoin coming back down to test that level precsiely before bouncing away and now 900 points higher still...we should have had ALL that trade, every damn point. Another 900 points not won. Would trade that notional 100 point loss for that win though. Shoulda woulda coulda. Move on now.... Now Bitcoin is tracking a new set of parallels and stays good whilst within them. But it's beginning to tire and we are close to the 15 number now. Stay long here if you are already and only close out once the lower parallel is lost, looking for another test of 13826 where we look to get long again with stops 60 points lower if touched.
BITSTAMP:BTCUSDLong
by sumastardon
7
BItcoin: BTCUSD Tracking within the the parallel, still steadyBitcoin Dollar BTCUSD Steadily grinding higher within the parallels Lost the track of this yesterday, getting precise angle of the parallels out by a critical couple of degrees. It meant the break of the parallel yesterday was out and so far no bears have dared to challenge this ascent. Very bad and it means that wins here on the day were severely eroded by bad calls off a badly drawn parallel that was still shaping itself into perfection during the day. The idea was to buy off the parallel and only turn negative again once the parallel was broken. Right idea/ wrong parallel. Well now the parallel looks very trustworthy. There are 4 parallels now, with margins of error denoted by the two outside parallels. Bitcoin is still a buy off any retest of the lower parallels. It becomes a major short again only when the lowest parallel is broken to the downside. It should then become resistance on retests, showing that the trend is now turning negative in the near term and finally opening the door to bear territory in the nearer term. First support lies at 9715 - a brek below here triggering a good shorting opportunity back to 9365 at least and quite likely to 9036 before the rally recommences.
BITSTAMP:BTCUSDLong
by sumastardon
Nasdaq 100: NAS100 Last resistance below 6550 NASDAQ 100 Index NAS100 One impulse wave travelling inside a second larger wave. The smaller wave begins with the end of seasonal summer doldrums towards the end of September, with two strong sections (or smaller waves) of 300 -340 points each with a third wave now in play from 6250 - and a fourth likely after that, before the thrust and power of this wave is spent. However in the very near term this index is pushing up against the upper parallel of the larger medium term wave, so if it's going to encounter resistance at any point between the upper fastest-rising parallel and the slower rising medium term parallel it's touching now, it's going to be here. At worst it will knock Nasdaq back to 6374-6371 where it becomes a buy again with stops under 6395. And if Nasdaq remains strong in the face this overhead resistance and can find the buyers to beat that resistance line, touching it now at 6410, it will likely power much higher still, rallying hard to touch the upper parallel (rising at the extraordinary speed of 260 points per month) at about 6550 -- 6600 in a couple of weeks' time. Would be more 'normal' for it to come off a little prior to Christmas rally kicking in come December. But if it does it should only come back to 6374--1 so look to buy on weakness with stops below 6395. Alternatively a move through the line at 6410 now followed by a successful near term retest can be followed for a test of the uppermost parallel at 6550ish (depending on when struck. Each encounter with the fastest rising parallel has triggered a period of consolidation/profit taking. Longs should follow suit on the next encounter, too.
FX:NAS100Long
by sumastardon
1