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Bitcoin: BTCUSD Saturday Trade Points

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin: BTCUSD             Next Trade Points Saturday
Yesterday's price action has created another bear flag ,
smaller in scale than the one sitting above it, but so far quite
simailar. It looks to be better defined than the last one which
hopefully will create a signal worth trading off when it
comes...
The overall pattern is still bearish so the break, when it
comes, should be downwards. But this is Bitcoin             . We need to
be ready for either eventuality this weekend.
On downside a break below the lower parallel of the
continuation pattern at 8070 will flip Bitcoin             back to negative
again and it should then begin to slide away further to 7700.
Any failure to hold this level during the course of this
weekend would then be likely to attract even more bears out
of the woods and force Bitcoin             back down through the support
lines to 7547, then 7221 and then right back to 5915 on
Bitstamp . Worth following once 8070 gives way with stops 100
or so higher.
On the upside Bitcoin             has to break and hold above 8460 to
trigger a long up to 8847 initially, then a second long from
8855 to 9360-9467 range.
Any such upside price action can be followed if we see it. It
may look unlikely. But we still need to cover it just in case.
Comment: Bitcoin Update
It's breaking lower now.
But It's so lazy - a bounce coming off 8083 support line probably but should start using the parallel above it as resistance now.
Am lowering stop on short to close above it as it just looks so lazy - if hit will look to short again from retest of the parallel above it
Coinbase Chart Update

Bitstamp Chart Update

Bitfinex Chart Update

Comment: Bitcoin Coinbase Update
Although it's still being lazy about it the bots are driving it lower by look of it. Can either keep dropping stop behind it or lower it to just above the 8083 line by 10 points or so to protect gains so far - rest, as above
Comment: Bitcoin Update from 12:10gmt/07:10est
For fastest updates in real time this weekend please check new link at top-left of main page.

It's breaking lower now.
But It's so lazy - a bounce coming off 8083 support line probably but should start using the parallel above it as resistance now.
Am lowering stop on short to right above it as it just looks so lazy - if hit will look to short again from retest of the parallel above it
Comment: 19:37gmt 14:37 est Update
So Bitcoin is being so lazy that to hope for it crash below 7700 during the match is pushing it. It looks more like it will also double bottom in the 7735-7675 range to tie up with ETH - so can start thinking about reversing this Bitcoin short soon to a long with stops under 7650.
And then we have to be ready from there to flip back to short again if we get stopped out with a short stop above 7750.
All whilst a match is going on too.
Men can't do two things can they ?
About to find out ...
And obviously you will get better gearing if you follow Be on ETH - so long as we get this double bottom on BTC too soon

*If you need updates in real-time please check link at top-left of main page

Comment: Bitcoin
The downside target on Bitstamp today was 7735-7700. The low was 7730.
Hope you got some of those 310 hard-won points. And maybe some of the upside as well if you're a member of the chat-group - some got it spot on. Well traded Hani !
Comment: Bitcoin Last Update
Still in a bad way - coming back down to 7735 -7700 range again. A buy in this range with stops under 7650 if we see it hold there and start to kick.
And then we have to be ready from there to flip back to short again if we get stopped out with a short stop above 7750, as above comments from earlier.
We can see that recent price moves are quite straight and fluid so try run stops behind price if trading this - either in head or trailng.
Be lucky.

Comment: Bitcoin Limit down
IT has to stop here . Stops can be just 20 lower for small loss if wrong - ready to short if struck as above
Comment: Bitcoin Sunday
Although Saturday was a slow day again we did at least manage to squeeze 310 points on the first short and then 200
or so on the counter-rally long before getting stopped out. Overnight Bitcoin has fallen to the next downside target at
7547 making a new low for this decline at 7550.
If you were up and around for that move too then you've had
a very profitable Saturday. Some people still have to work for a living...whilst others play Bitcoin.
Those with long memories will know that 7547 was the most likely downside target mentioned back in the mists of time,
nearly 2 weeks ago now. But the overall pattern is still bearish nonetheless.

If you reversed back long at 7550 you have traded brilliantly and don't need much help or much guidance here any more.
But the rally from the downside target has been feeble so far and if long here you'll know already that this is still high risk
(but still the right trade as the stop can be very close to entry, just 20 or so under 7550 entry, so low risk but
potentially high reward). It can easily come back to the low again at 7550 but it has to hold up here for any failure to do
so at any point today by more than 20 points will flip Bitcoin back to negative yet again and force it lower, most likely to
the next support line at 7221 and then, once this gives way, back to 5915 on Bitstamp where we will probably look to buy
again if price action allows.
Returning to the upside Bitcoin is tracking within a small
parallel and cannot be bought again from here unless it is broken above - and only then for a spurt back to the bigger
dynamic waiting above it at around the 8079 level. As things currently stand this level is the key to the upside for Bitcoin
over the more medium term. It has to break and hold above here for the bulls to regain any real control. Once again, even
if that looks unlikely right now, we still have to be prepared for any eventuality. It's Bitcoin, after all.
Bitstamp Chart Update

Bitfinex Chart Update


Bitfinex Bigger Shot


Coinbase Chart Update


Coinbase Close Up


Comment: Bitcoin longs from around 7550 - raise stops to just below 7700...sticking - can come back again - otherwise leave stop at 7527 - ready to reverse short if broken later


Comment: Bitcoin Update
Bitfinex Feed
Bitcoin is really trying to break the downtrend here - a bear engulfing green ...can buy or add once it's broken through to upside if we see it.
It's tracking a narrow corridor/band of uncertainty right now, trying to figure out he next move - cannot be trusted for sure as a result but it looks to be trying for the upsdie now, at least.
Use a stop and try to run it up if possible if this break does actually materialise from here - it may not be possible except in head, but watch for a failed break - this time last week in 10 minutes'time we got an amazing burst upwards if you remember...
It's Bitcoin - anything can happen anytime. That's half the fun, isn't it ?
Downside potential still as comments above
Peter, you should post your ideas on the global TV site, not the UK one. Otherwise you won’t get the exposure you deserve. Thx for your work!
+1 Reply
Sara-66 docphil
@docphil, ha I’ve just spoken to him he’s trying to fix it now..
Reply
G20 is tomorrow. Not likely to stop here. Volume is still low and bottom is not yet reached. Likely to continue falling over the next 24-48 hours.
+1 Reply
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