Bitcoin spent a really slow day slowly grinding higher until it hit the dynamics waiting above it to smash it back down
again. It did manage to get as high as 10330 but couldn't hold on to the vital 10262 level on - but the bulls wouldn't
quit and eventually they drove it up to test two converging dynamic resistance lines by midnight EST - at which point the
bull game was over again and it's fallen in a straight line of red ever since. For the last 4 days Bitcoin has faced a barrage
of selling when London wakes up. We were looking for a short back to 9371 and the low today so far is 9333, so it should be
closed out again now. It's falling away to test the long term dynamic support at 9300 with more support at 9200 and is
now a speccy buy with stops under 9300 and below 9200 at lowest, looking for smallish rally to 9600-9700 and then close
out again. Returning to the downside, 9200 at lowest must continue to hold up on all tests today - should this level fail at
any point we return to full-on bear mode, looking to short back back to 8993 initially, then 8058 once 8993 breaks. The
next significant support below here lies at 7415. A break below any given level by more than 30 points should lead to a
test of the next listed level.
* There is another way to receive updates throughout the day but it's intended for full-on, active and experienced traders of
Bitcoin only (please see top of Sumastardon page for further details)
Raising the stop on this long to 9460 for small profit if it fails here at 9550 - or can close out and take 150 profit to use as stops on next trade - trader's choice here...
So to trigger the next short we need to see Coinbase break below the dynamic and Bitstamp to break the low again by 20 points, so to trade at 9145 or lower for next short as outlined above - if short now stop at 9380 - Bitcoin is still weak whilst unable to climb back above here, but not aggressively negative again until the lows on Bitstamp are broken and the dynamic on Coinbase is busted.
Or can close it out at 9270 for small loss if preferred. My bad, slightly out here. Not good.
Coinbase Long Term - a little messy but it's the long term dynamic that we need to focus on - must hold up to all tests today for Bitcoin to stay good from here
Coinbase Close Up
Bitstamp Longer Term
Bitstamp Close Up
A near perfect test of the dynamic at 9123 on Coinbase (low at 9113)
Both are negative but not super so until Coinbase busts the dynamic - until then this is still OK, dicing with death but surviving the game of chicken...so far. Bears will only back off at the dynamic...they have done already and then retreat once the upper parallel containing this impulse wave is broken on upside and survives the retest - if not and 9100 is broken on Coinbase it will trigger next short, as outlined above
It's rallied from just abobe 8993 line and recoiled from the upper parallel-
so no longs yet awhile - but it's trying to fight here, exactly where it should - neeed to see above 9371 and holding to feel safe about a long but day traders can buy the dips lower but as always today, be ready to reverse short if 8993 on Bitstamp gives way, if 9100 gives way on Coinbase or today's low is broken by more than 20 points on Bitfinex. Until then this is a speccy buy with stops under the lows and safer buy once 9371 has been regained and held again
Bitfinex Beautiiful Double Bottom on tho ne left until last. Typical
The rally duly took it back to 9371 level for day traders to escape and reverse again but the next decline has not been to plan s far ....Stops above 9050 on Bitstamp for this short - sticking so far -
There is only one dynamic support left still standing and untouched as yet...on Bitfinex feed at 8790 where the fixed support meets the dynamic - this is 'last gasp' pretty much but we need to look out for it if short here - think it could create a bounce ...need to watch as it gets closer to it to see how it reacts...but day traders might wish to close out on first touch if seen, leaving a clear mind ready for the next trade from here - if it breaks lower still then follow with stops a lttle higher - if it starts to rally and settle for a few minutes can think about a long maybe .
Run stops up behind this (maybe only 100 to 150 above price - in head is better than inmarket in these conditions) - it's not tanking really, just a steady fall as buyers are still being overwhelmed by sellers
Fighting to escape the parallel - getting to grips with 9000 and beginning to absorb sales better...but it's not really safe to trade long unless and until 9150 is recaptured and held by the bulls on Coinbase. Until then this is still stuck in the down-wave but putting up a fight at last - bears and day traders will start closing out when the parallel is broken on the upside and then some will flip long again once 9150 is taken...until then they stay short and the pressure remains on
This has just created a new set of parallels on Bitfinex feed...it means it has a good chance of bottoming here ...has to escape the paralle and then get above 9260 on Bitfinex and hold and then we have a good rally about to kick in ...not so bad so long as the lows hold now and then 9260 can be regained...the battle isn't over but the bulls have found a line to defend above 8000's - we may get a 500 point long soon - or yet another big short if the lows give way again from here. Need to be prepared for either eventuality from here
Wow - Look at that ..perfect parallels emerging on Coinbase too ! Come together ! Right now....this is taking good clean shape now...order in chaos
It can still come back an slide down the line some more but this set of parallels should contain the impulse wave from here
Some dump that one -- right to the lower big parallel- it has to hold up here or we could get a bigger selling climax - 8600 on Coinbase - inner parallels have evolved too with recent price action as per chart