Turn your back on Bitcoin for a few hours and ...just wish
we'd all been around at 2.30 am GMT: The first really big bear
red candles appear, smashes through the parallel
(our long stop has already been taken for 25 point loss,
earlier) the panic the increases and Bitcoin falls to the
perfect spot...falling away the beginning of the structure to
the immediate left of the chart...you know this behaviour,
it's text-book stuff. What a buy with stops underneath. So
damn perfect too. See, even in a panic, Bitcoin behaves in a
technically perfect way. It doesn't every day, but a hell of a
lot of the time. So we missed the big moment of the day. Now
we know the new line in the sand that separates bulls from
bears: 8533 is new number of the beast for now.
The line rises higher with each failed attempt. , still
So Bitcoin continues to grind higher after that failed bear raid
left an enormous at 8533: buying interst down there is
strong, therefore. Most of the price action is still taking place
around the uppermost parallel...
The Chinese session has seen Bitcoin bid up to new highs,
driving higher all session once the bear raid had failed so
abjectly. Even at these levels it's still not working out for
them. So Alts v Bitcoin have taken a hammering and only now
have a little respite as Bitcoin unwinds an overbought
condition at the highs.
Once again want to wait to see how this consolidation
develops and what pattern Bitcoin slings together next.
Looking like a dynamic is forming off the top which we can
maybe use as an entry point later when it gets broken to the
upside. We don't have to trade every minute, though younger
bulls might disagree. So it's a waiting game here for now.
In meantime look at the chart action last night. Order, perfect
order within a moment of chaos. Till later.
Stops for longs go under 8884 and longs can be increased once the high is broken, on next pull-back but stops needed either a few points under the line once broken or remain under 8884 for now.
Day trader territory for now. It can easily slip sideways from here. If long either take profits off the high and get ready to go again if we see it broken with stops quite close underneath the last high. Otherwise wait. we need to see a good break with green candles as explained on other posts, DashUSD and ETHUSD are good examples of failed breaks recently if you go back on a slow Sunday and look at the recent comments and scroll down to see the patterns develop on the updates. So watch for the quality of the next break upwards - this could be a nearterm top forming at 8960...it has to break above here very soon to prove to us otherwise. Obvious really.
If you sold on the srike of the upper parallel I'm sorry. If you've held clever you. Rais estops to a litttle under 9162 if still long. It's oK here to even buy again here but with stops under 9155. Once it loses the parallel it's a bear fest for a little while
Busy with ETHUSD and have missed this nice consolidation within the lines, mosly and now a great break...positive above the line. Hope you are keeping track of it even if I'm not right now...back on the case now, more later
OMG. Turn away to cover BCH (have you seeen that perfect set-up and break? Check all these ones: Dash, BTCUSD and ETHUSD becasue it's not all about Bitcoin.) It's about spotting breaks, set-ups and trading them all. Anyway Bitcoin ...look at that FFS. FFS. It was abuy there, back to the structure I told you about earlier. Boy this is simple. If only I could keep up! Thank you universe. Do you not SEE with your own eyes wht's happening? Because it's free out love. Now go and share your love with others. OK
Correct chart..Beautiful Bitcoin
Just going to wait an dtry not to mess up until the dust settles some more
After every big rinse out Bitcoin always comes back to make a double bottom before it can regain it's equilibrium and race away again. Woulld be good to see that and look to buy off the line that touches the pin abr at 8975 with a stop 30 points lower. Put an order in and maybe you'll lose 30 points and maybe nothing will happen at all and maybe you'll have hit the low, close to spot on for a bigger swing trade. Choices.
Support lines are working unnervingly well considering all th eplaces this has been today. It isn't me. It's the universe. I'm not doing it am I? Obviously
Just glad we don't hold positions right now. The waiting game continues and the bait is still waiting to be taken, maybe,