sumastardon

Bitcoin: BTCUSD Number of the Beast

BITSTAMP:BTCUSD   比特币/美元
BITCOIN: BTCUSD            
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
engulfing 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. Bullish , still
So Bitcoin             continues to grind higher after that failed bear raid
left an enormous pin bar 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.
评论: If you bought on the breakof the flag on upsdie it's OK but not exactly full of power or buying interest is it? The retest was good, so far but not enough power to break the high...day traders got the move spot on, closing out again off the highs.
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.
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评论: Really hard work today here...it has no interest or volume...slow Sunday after a wild Saturday night out on the tiles. Hungover. Not me. Bitcoin.
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.
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交易开始: Bitcoin: Fabulous break and no stops placed under 8884 have been hit since that comment and so longs from here and on the break above the highs have stayed good. It's overbought and has to come back some...will look for next buy now. Just hope you're on this...
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评论: Parallels emerging for day traders...loss of parallel means sell in short term for an hour maybe, just scalping and using the lowerparallel as resistance in very nearterm..
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评论: Ripping up the parallel still but coming close to the top for now..get ready to close out either as the top of the parallel is next touched or wait but exit when the lower parallel gives way
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评论: Wow.
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
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评论: If you nmanaged to get long a second time around 9162 I'm hoping (that word!) you kept the stop under the parallel...it happened so quick I couldn't write that fast enough on discarded last update...use the parallel - obvious really - but my bad if you got stopped out because the stop was way too tight. I hope some of you are noticing that by using stops we do sometimes get a trade right and the stop wrong. Intensely annoying. But I wonder if you've noticed there have been NO drawdowns in a month of intense trading? The odd 30 and 50 point loss on Bitcoin amongst 4500 points won, none on Dash or Eth or anything else. And that is why we use stops.
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评论: NO mans land btween the two blue lines. Positive above, neagtive below down to original structure...Day traders only
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评论: FFS Outta Sight
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
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评论: If long once it cleared the blue line signifying positive it's touching the highs again ans obvious place to close out again and go lond if the high can be broken with stops close under that old high once broken.It's risky up here, but with sensible stops...
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评论: Intersting price action off the highs, using the support off the old parallel..this could go again.if this continues ...could..if so use a stop under this parallel...
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评论: Tiny fractal flag...break to upside can be followed but it might not be massive...but on the other hand...just be careful of failed breaks etc..
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评论: raise stop to 9300 on this long
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评论: By the way, look at that break out, study it in the shot above, see the retest, how good it was? That's where the old bull buys - right there, with a fairly tight stop - sometimes it will be perfect and sometimes more twitchy depending on how fast the market in that instrument is at that point in time. In a fast market in Bitcoin everything is speeded up, we know, and it can move in crazy ways, it's Bitcoin. It's Alien on crack. Bloody good fun chasing it though!
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评论: Raise stops to 9320 Day traders will be waiting to hit this at some point soon..
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评论: Holy Crap that was lucky. Keep stop though it could get taken...or drop it below the spike. Sheeesh
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评论: BITCOIN: You mustbe getting tired of these..breaking down now by look of it but not dead yet...a possible flag...if it breaks the lower parallel it's over and bears can step in...but until it breaks it's not over for the bulls just yet...buy again if it breaks the upper line with stops under it some ways., but not too far
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评论: See how that flag came back down for a third strike, showing loss of temperature/momentum and signifying that this was no longer wanted so much as just a few minutes ago ? Look at it as you would if examining the trail left by your quarry. Examine the scat. Seriously. Learn to recognise failure and success in these scent marks and soon you won't be needing any guide along the trail to help. You will be free. Totally free. Just want to learn, is ALL...it's fallen away as this is written like a good Bitcoin should
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评论: So back to being a speccy buy rather than unequivocal buy as no trigger is at hand. But it's got support off the same blue line and we're back to positive above the upper line and negative below (but there is whipsaw and stops have to be wider to cover that but it lloks oK again once above the blue line it;s about to test
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评论: 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
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
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Correct chart..Beautiful Bitcoin
评论: So I was alluding to Alien on crack
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评论: New Battle lines for the near term are emerging. This is great for super fast day traders - put your sell order in at same time as buy order this is moving so fast, have a plan and move fast between the lines. For the rest of us, we need to chill still. Thiis is insane right now. Wild West? That was tame
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评论: Wait unless short...maybe if this parallel is broken but this looks weak now ...want to wait still

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评论: Don't trust this break of the parallel except for day traders closing down shorts
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.
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评论: Wilder than the west: Update
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
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评论: OK.Look at that downtrend line emerging now...three hits means the 4th should be trustworthy...it's negative under there and can be sold off from that line if day trading and if the blie support line gives at 9110 it will collapse quite quickly back to the next support. We look to buy there with stops as comment above and if hit will look to buy at the next support at 8920 with a stop 30 points lower. Would be excellent if it came down to meet fixed support and use the old parallel down there as support at same time...let's sling some bait out and see what bites..Alien?
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评论: So now we have to be brave but not crazy brave. This should bounce where we want it to, but will then ping off the underside of the new dynamic now running the show from the top. So it's buy and then a sell off that dynamic...then it might come lower still to the lower set of parallels still hanging around lower down. Jack be nimble on these trades but look to get long as this top is totally blown back to its base... wher eit began from ...what aride. and we nevr really wrong side, were we? Yet at least. The universe, dude
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评论: Now who bought there? Why ?
评论: Now who bought there? Why ?
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评论: OK So whoever bought there was a genius. Probably Blofeld. Just don't get that one. Still don't trust it but it was some serious buying to cause such a strong counter-rally. It was massive money on a Sunday night...only Russians would be crazy enough...a big syndicate working in thin conditions...it was something big anyway.
Just glad we don't hold positions right now. The waiting game continues and the bait is still waiting to be taken, maybe,
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评论: Bitcoin Chart update. a bit of a dog's dinner right now but those pin bars off the blue support line shows interest there- a break above the little flag is positive and can be followed, amazingly. Just back to the high though, if we see it
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评论: Stops on this long just under 9240 for 10 point loss if wrong
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@sumastardon Would you mind starting new post with updated trend lines on the main chart? Thanks for all great info and updates.
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Does it matter in your analysis if this is new money pushing the ATHs or money flowing in from ALTs?
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sumastardon PRO The_Captain
@The_Captain, No, why would it? All thatmatters is the chart and the quality of each pop or break when it occurs. IMO. But obviously that could be wrong. It's a question of following the money. CEO's talk but the chart walks. And we follow. Which one do you believe most?
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8533 - this low only on bitstamps' charts. Bitfinex was higher than 8750 in this hour.
Not sure if we should use the low made by suicided whale.
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@cellchaos, 'That's interesting, very interesting Mr Bond'. It's really annoying. Will look at this more. Thanks for the pointer. Useful
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