A bear raid in China overnight created a 400 point sell-off back to 7775, close to the freezer lid at 7717 before buyers
piled back in creating pinbars off the lows. Now it's testing resistance just under a small dynamic from the highs. It needs
to find buyers now to push above the dynamic and fire higher.Day traders can raise stops to just under 8130 as if 8140 gives
way it will likely come back to 8005 and should this then fail, at worst make a in the 7840-7770 range before
bouncing again. All such dips should continue to be viewed as buying opportunities when they arise (if awake to witness them).
Bitcoin needs to push up above 8200 now and hold up there for the rest of the day to be from here...
Day traders can use the upper parallel - now around 8382 - as a near term target so long as 8200 can hold up once broken
again on the upside. Swing traders and longer term holders of Bitcoin can sit tight. Bitcoin only escapes out of the freezer if
7717-7700 gives way at any point. That looks less likely with each passing day now. But it's Bitcoin . Still need to sleep with
one eye open a little while longer here until these new highs are properly established.
Bitcoin: Life and Times: Yesterday's Price action
Once Bitcoin got its head back above 8000 in London buyers piled in, much happier to pay 8010 than they were to pay
7717 on Sunday. A powerful bear green candle emerged over the next 30 minutes. Was that those Goldman
whales reversing postions? It's the same spot they sold off last week, so that's their level in the sand, for sure. If it was It's
just the kind of thing they'd do. It would be quite comforting to know that they are now behind it at 8000 and not against
it. Bitcoin might be hard to understand but Goldman's interactions with Bitcoin are almost as difficult to fathom.
In 17 days chasing Bitcoin we've now accumulated about 3550 points - and that included NOT getting the buy from the lows
(we did close shorts there but was too twitchy about where to put the stop for longs as it could've overshot to downside as it did
by 100 points or so at the first low two weekends ago now - weirdly, on the second test of that low, right where we were
looking for that to form, that second bottom was EXACTLY on the blue support line drawn about a week
beforehand...we could've got that second major low RIGHT on the button and been long from there...but stops made the
trade too risky. FFS. That was the worst missed opportunity of the last 17 days and seemed such a lot to miss for the sake of
a stop. If we'd got those missed 500 or so points we'd be looking at 4000 points, which is 50% of the value of Bitcoin
earned in 17 days. That sounds nuts. But that's what's happened. Go check. No one will have captured all of it but
hope many got at least some. In 17 days and countless twists and turns Bitcoin has only given 2 false signals. It's getting so
big it's moving beyond manipulation. Now greedy platforms like Etoro need some serious competition to drive spreads
down (at the weekend Etoro had a 110 spread on bid/offer, at IG in London the spread was 25 all weekend).
So Bitcoin is going mainstream. It's now uncool with the kids. Like tattoos became uncool when mums and dads started
getting them, so too with Bitcoin . Crime definitely pays. It certainly does if you got paid in Bitcoin . Or trade it.