Bitcoin: BTCUSD Update Range trading for now but overall positive above 7717 A good space for day traders, trading between the lines of support and resistance, which continue to work quite well, so far, just as they have done over the last couple of weeks now. But for swing traders Bitcoin gave the first unreliable technical signal for quite a while - that break below 7531 was the first heart-breaker, the first time this beautiful creature has let us down, technically speaking, for a long time...and it's looking more and more false as each minute ticks away now. Day traders at least had the next support line at 7426 to close out shorts, but swing traders looking to short off the next rally back to 7531 (with stops 50 points above) - a technically sound trade - will have been swept away. Apologies. Even more annoying, with all this price action overnight there was no guidance to get long again and buys at 7531 had already likely been stopped out - so many have missed a large part of this move up from 7531 now, me too, and it's extremely frustrating and annoying. Occasionally Bitcoin can mess with the best laid plans for the weekend. We are where we are. Back on the trail. Looks like it will grind away to the top at 7990-8000 again. Thankfully it's trading back above 7717, the freezer lid level which will continue to play an important role this weekend. Whilst above here Bitcoin is still wanted, but under that line not so much. As bears won the day in the end yesterday and China did indeed drive the price lower through the first couple of hours of their session, but that break below 7531 screwed up a perfect entry for this next challenge on the highs. Damn. Move on. Play the range on low volumes or await a possible break above 8000, which will need high volume to make it happen. Probably only Chinese buying power can achieve this over a weekend, so the first couple of hours of their seession could pay dividends, maybe... Bitcoin is positive above 7717 and whilst above here will try to grind towards the highs where it becomes a sell again for day traders playing the range. And if at some point we see 8000 broken, it should be followed, as per weekend breakout (last comment). The space between 7717 and 8000 belongs to day traders. As is the space below 7717 down to 7531. So 7717 is now the likely pivot for the day - should this fail at any point later it turns negative again in near term back to 7531 - where it becomes a buy again with stops 50 points below. Because of that signal break below 7531 it makes 7717 even more important for Bitcoin from here. It really is the freezer lid today by look of things. All good above, potentially turning over into bad below.
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Tiny pin bars forming on 15 minute chart either side of 7717 line, showing small volume skirmish, like WW1 trench warfare, bulls and bears fight to hold this line... Day traders will only turn against Bitcoin with a little more aggression if they see it broken and then it becomes resistance with small pin bars forming under this line. Only then will Bears get control back from here.
explain pivot in your own words mate ! please.. Thanks for sharing !!
sumastardon
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@Benjamix, Pivot is what Hillary Clinton does...flips on a sixpence - complete about turn. In trench warfare it would be the linet hat you HAVE to capture and hold - because failure to do so will mean handing the line back to the enemy (bears, if you're a bull). Everything flips on his line, most likely for today ...let's see...you said in my own words. Time will tell. Always does
Benjamix
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@sumastardon, cool ! thx ! the bulls are bloody weak these last few days.. no support at key breakout levels, where's the courage to break 8k !! this pennant looking trend at the moment is pissing me ! lol
I'm thinking it's textbook ATH shakey hands syndrome why all the bullish indicators are failing.. It's a good lesson each trade at this level.
Benjamix
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the problem I'm seeing with being bullish is no one is joining the party at key levels !! volume just isn't there !! I am guessing this is textbook ATH shakey hands syndrome.. trading at these heights is swimming with sharks or sardines swimming with whales..
vaskojovanov
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@Benjamix, What are the probabilities we run out of steam and drop to lower than 7500 support levels?
Benjamix
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@vaskojovanov, I'm watching the pennant.. which is textbook bullish mate ! Fractally as well it is showing inverse head and shoulders after inverse H&S..
Problem is the volumes aren't promising..
The huge cup to the right looks really bullish but beware of the fact that if we hit the neckline of the double top we are super bearish..
Now probabilities with cryptos is hard to say .. It's going to be my life's work to document it !! otherwise get your hands on the encyclopedia of chart patterns..
Benjamix
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to the left is the cup*** sorry !
Benjamix
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take it this way.. if the pennant holds true buy at the bottom trendline or after a good volume bounce usually with a significantly tall green candle.. if the price breaks out and hits 7950 approx sell because that is one mother of a head and shoulders in process and a massive resistance (psychological, cup rim, and fib) after that be prepared to buy in at left shoulder low..
Problem is, and it's stated very clearly in history.. ATH trading is not predictable.. we have to find our own rules.. Be quick and relentless.. Be without ego.. Be "active" they say !