It's made a break above the small parallelannd run into the first line of profit takers and sellers annd so far holding up
above that frustrating old dynamic. If you've gone long on the break above the parallel please raise the stop to right under
the old dynamic - say just under 6575 - for maybe break even if this gets slapped back hard again. So long as the dynamic
holds it at 6590 now it should push higher to 6700-6710 where look to take profits. Use these, if realised, as stops for the
next trade. See the next dynamic waiting above? That's the short term upside target. The next hurdlle for bulls will be
beating that line, turning it into support after a potentially lengthy battle and then from there Bitcoin should move up to
6940 at which point it becomes a sell again.
The longer Bitcoin labours like this, even though it should grind upwards to touch 6700, the more it looks doomed,
ultimately, to another big sell off. We have to catch it, but it really has to happen when we're awake, because it's so
volatile. It's more a question of where the ideal spot will be to short it from...well it could turn out to be 6700, which is why
we need to close out longs there on first strike (or set limit order). And if it's not from 6700, and this can be fought and
won by the bulls, turning the near term dynamic (new on chart) into support after an inevitable battle, only then would
the coast be clear for a tradeable long up to 6940 with stop under the new dynamic line by 50 points or so. And then its a
short again at 6940-6950 with a stop 50 points above .
This is complex still, not trending, and full of deceit and whip. It can only be free of it for a fleeting few minutes if it
can bust through that line above it...why wait and wonder?
close out. Go long again only if the new dynamic becomes real support on a retest from above, once broken through on upside.
So we're looking for one more failure, from either 6700 or at best from 6940. The new dynamic will decide that - and our
next move, as above. Be careful of getting carried away on the long side now. It's getting time for another retest of 5747
at least, if not of 5653. And potentially lower still to 5382.There's more downside than upside. Look for a potential top
at 6700 and if that gets broken through, at 6940. If you short here use a stop 50 points above for 100 total risk. If the first
position gets taken be ready to again at 6940.It should come back 250 points quickly. Take them if seen.
That older medium term dynamic has to hold here at 6600 now for long to stay good..stops on longs right under by 25 -35 points for break-even if it fails now.
Bitcoin will have to clear and hold 6950 for the bulls to win the war. Think it needs to revisit the lows first and set up an intermediate there before we need to worry too much about that though.
Be lucky. And patient. This is just a long lull before the next storm. Need to stay ready and hope not to get too annoyed or frustrated by it ...