Bitcoin BTCUSD Update Too Whippy
Got stopped out around even at 7060 this time. Still
unconvinced by the rally attempt and looking at that pattern
it should fall much further still. Yet, we've seen how tricky it
is selling now, with two pin bars on the 2 hour chart, so
although bearish this area here between 7137 resistance and
support at 6935 is too full of whipsaw so am staying on
sidelines having blown 40 pips on bad trades here
today. Prefer to wait for one of two signals for next swing
trade and leave this range we're in now to day traders to fight
over until one side wins the near term:
Any break below 6910 will trigger next short, as well as
completing the head and shoulders formation above it - with a
minimum downside target at 6312, bouncing off the lower
parallel as it descends. It could actually spike as low as 6165
at the nadir but should then bounce again powerfully from
here, if not from 6312. This scenario looks more likely - but
will not necessarily prevail, so still need a plan B in case the
upper parallel is broken on the upside at any point (with a
successful retest as described in earlier posts) -
Bitcoin will have to move above 7135 and then hold up here
on the next minor pull-back which will force it above the
parallel and away from the clutches of this downwave.
Don't think this will happen, but it's Bitcoin. Anything could
happen!
Got stopped out around even at 7060 this time. Still
unconvinced by the rally attempt and looking at that pattern
it should fall much further still. Yet, we've seen how tricky it
is selling now, with two pin bars on the 2 hour chart, so
although bearish this area here between 7137 resistance and
support at 6935 is too full of whipsaw so am staying on
sidelines having blown 40 pips on bad trades here
today. Prefer to wait for one of two signals for next swing
trade and leave this range we're in now to day traders to fight
over until one side wins the near term:
Any break below 6910 will trigger next short, as well as
completing the head and shoulders formation above it - with a
minimum downside target at 6312, bouncing off the lower
parallel as it descends. It could actually spike as low as 6165
at the nadir but should then bounce again powerfully from
here, if not from 6312. This scenario looks more likely - but
will not necessarily prevail, so still need a plan B in case the
upper parallel is broken on the upside at any point (with a
successful retest as described in earlier posts) -
Bitcoin will have to move above 7135 and then hold up here
on the next minor pull-back which will force it above the
parallel and away from the clutches of this downwave.
Don't think this will happen, but it's Bitcoin. Anything could
happen!