She grows like Alien and she's every bit as magnificent.
Sweet flag with a low at 7885 (and another forming, just consolidation) so the hastily written update to
drop the stop under 7850 hopefully kept any newer traders who unwittingly got sucked in at the high from getting
stopped out. That was a nasty no-man's land break for a while there. Could only update on the crypto currency pages
here showing this flag and praying for the break-out proper. Notice how once again there are just two touches of the
lower parallel (showing it's hot, very hot) before it blasts off?
For newer traders, that was a hair-raising hour there - hope you managed to buy on the first pull back rather than the
top (if you bought at the top please go back and read the full mad narrative of this 2 week long chase after Bitcoin and
check breakout trades)
Anyway, hesitate to say it because it always feels like it can come back and bite almost any time, but this is a good
breakout. The Chinese may well try to push it down on their open, but by tomorrow morning it should be considerably
higher than 8000. Very unlikely to trade below 7850 now at lowest later tonight. Except for day traders, stops need to
be left under 7800 for tonight, and even better, under the freezer lid level at 7717. We just have to get through tonight
now for the bull case to hold strong and to finally toss away that key (if you're looking to hold for long term: no bad idea.
Usual premise: wait until you see Bitcoin all over FRONT page of your hardcopy/old-fashioned newspaper and then start
looking for that key again. Or trade it and perhaps make money either way.
If you managed to play the triple play by the book, as laid out and managed to keep your stop under 7660 as advised
you are now 350 points up so far, but super-geared after using the first profit as stop for the breakout trade - after
a stultifying 34 hours we finally got our reward. Turns out that 7717 really was the freezer lid. Hesitate to say it but
....soon we can throw away the key and ride it awhile. Hope you've enjoyed the ride so far. This is just the end of the
beginning for Bitcoin . There will be a lot of money to be made from trading this beast. Perhaps not from owning it:
who can honestly say? But we can honestly make that claim if we trade it sensibly. It's the best fun. Even better
than football. It's as good as Paul Pogba. Almost.
Initial support at 8000, then 7860 and then major support at
7717-7000. Whilst above here Bitcoin is headed much higher.