Bitcoin Weekend Trade Points
We waited patiently all day Friday for the buy signal on the
exit of the continuation pattern (recent buy-points, top-most
green arrow) which finally arrived at the 9670 level on
Bitfinex. Since then Bitcoin has rallied back towards the 9850
line after an overnight high at 9889 before consolidating.
So far the consolidation has taken place inside the the two
top-most lines of support/resistance and inside the spike highs
of Thursday/Friday and off the small rising dynamic
supporting the overnight rally so far. Longs can raise the stop
to just under 9760 as if it breaks below here it will likely fall
away again to 9584-9544 where it becomes a buy again if
tested at any point later today.
On the upside, whilst Bitcoin holds up from the first support
at 9772 the overall trend remains positive - we can stay with
it until the rising dynamic under price fails or better still,
until upside targets are met.
The next upside target is 10089. Bitcoin then has to break
above here to really crank up the volume - all the way to
11687 potentially. Let's see what the weekend brings. All we
have to do is be ready if it comes our way.
Can also add or buy again once the tiny dynamic from the
overnight high is broken to the upside with stops below.
We waited patiently all day Friday for the buy signal on the
exit of the continuation pattern (recent buy-points, top-most
green arrow) which finally arrived at the 9670 level on
Bitfinex. Since then Bitcoin has rallied back towards the 9850
line after an overnight high at 9889 before consolidating.
So far the consolidation has taken place inside the the two
top-most lines of support/resistance and inside the spike highs
of Thursday/Friday and off the small rising dynamic
supporting the overnight rally so far. Longs can raise the stop
to just under 9760 as if it breaks below here it will likely fall
away again to 9584-9544 where it becomes a buy again if
tested at any point later today.
On the upside, whilst Bitcoin holds up from the first support
at 9772 the overall trend remains positive - we can stay with
it until the rising dynamic under price fails or better still,
until upside targets are met.
The next upside target is 10089. Bitcoin then has to break
above here to really crank up the volume - all the way to
11687 potentially. Let's see what the weekend brings. All we
have to do is be ready if it comes our way.
Can also add or buy again once the tiny dynamic from the
overnight high is broken to the upside with stops below.
Comment:
Bitcoin Cash -
Great little flag - missed it by a mile...
But nice patterns and gearing on Bitcoin's back-side
BTGUSD
Even BTG is ripping it up compared to BTC.
We should be using thses 2 as gearing when Bitcoin breaks higher - this x 2 and BTC is x 3or4 right now
Great little flag - missed it by a mile...
But nice patterns and gearing on Bitcoin's back-side
BTGUSD
Even BTG is ripping it up compared to BTC.
We should be using thses 2 as gearing when Bitcoin breaks higher - this x 2 and BTC is x 3or4 right now
Comment:
Bitcoin Bitfinex Mofo
Too busy on other stuff - Bitcoin has broken the dynamic and fallen to the first support line at 9850 where it's bounced.
It has to hold up here in order to stay positive from this point. it can move sideways to down some but must hold 9850 -9840 as it does so- otherwise we face a more prolonged corrective period back to 9772 and potentially to 9584 at likely lowest before the rally resumes.
The bigger the spike on the 15 minute the better, obviously. 5 minutes to go
This is holding up good off the fist line of support on Coinbase and is OK whilst it does so - bots or not
Bitstamp Update
Support here at 9834 - a lot of spikes above meaning fairly concerted selling which will take a while to grind away in low volume conditions - this is still bullish above 9830 on this feed but it is struggling for buyers ....it needs them now if it's not to spend more time going sideways - and potentially down for a bigger flush out to 9754, and if this breaks at any point to 9565-9534 range at likely lowest before it rallies again.
Too busy on other stuff - Bitcoin has broken the dynamic and fallen to the first support line at 9850 where it's bounced.
It has to hold up here in order to stay positive from this point. it can move sideways to down some but must hold 9850 -9840 as it does so- otherwise we face a more prolonged corrective period back to 9772 and potentially to 9584 at likely lowest before the rally resumes.
The bigger the spike on the 15 minute the better, obviously. 5 minutes to go
This is holding up good off the fist line of support on Coinbase and is OK whilst it does so - bots or not
Bitstamp Update
Support here at 9834 - a lot of spikes above meaning fairly concerted selling which will take a while to grind away in low volume conditions - this is still bullish above 9830 on this feed but it is struggling for buyers ....it needs them now if it's not to spend more time going sideways - and potentially down for a bigger flush out to 9754, and if this breaks at any point to 9565-9534 range at likely lowest before it rallies again.
Comment:
Updates Today (for fastest updates in real-time please see top-left of main page)
...Bitcoin has broken the dynamic and fallen to the first support line at 9850 where it's bounced.
It has to hold up here in order to stay positive from this point. it can move sideways to down some but must hold 9850 -9840 as it does so- otherwise we face a more prolonged corrective period back to 9772 and potentially to 9584 at likely lowest before the rally resumes.
The bigger the spike on the 15 minute the better, obviously. 5 minutes to go
This is holding up good off the fist line of support on Coinbase and is OK whilst it does so - bots or not
Bitstamp Update
Support here at 9834 - a lot of spikes above meaning fairly concerted selling which will take a while to grind away in low volume conditions - this is still bullish above 9830 on this feed but it is struggling for buyers ....it needs them now if it's not to spend more time going sideways - and potentially down for a bigger flush out to 9754, and if this breaks at any point to 9565-9534 range at likely lowest before it rallies again.
Bitcoin
Has to push above the little dynamic above price to trigger more longs now - can easily come off again to 9850 before it does so in absence of buyers again here....otherwise it will move sideways/down for longer still.
Can close out longs if getting bored and you have small costs - but if so be ready to get long again just 20 or higher up on a break above the dynamic - until then this is near term vulnerable again
Coinbase Update
Bitstamp Update
If you agree please hit the button and show it this week-end ! Thanks
...Bitcoin has broken the dynamic and fallen to the first support line at 9850 where it's bounced.
It has to hold up here in order to stay positive from this point. it can move sideways to down some but must hold 9850 -9840 as it does so- otherwise we face a more prolonged corrective period back to 9772 and potentially to 9584 at likely lowest before the rally resumes.
The bigger the spike on the 15 minute the better, obviously. 5 minutes to go
This is holding up good off the fist line of support on Coinbase and is OK whilst it does so - bots or not
Bitstamp Update
Support here at 9834 - a lot of spikes above meaning fairly concerted selling which will take a while to grind away in low volume conditions - this is still bullish above 9830 on this feed but it is struggling for buyers ....it needs them now if it's not to spend more time going sideways - and potentially down for a bigger flush out to 9754, and if this breaks at any point to 9565-9534 range at likely lowest before it rallies again.
Bitcoin
Has to push above the little dynamic above price to trigger more longs now - can easily come off again to 9850 before it does so in absence of buyers again here....otherwise it will move sideways/down for longer still.
Can close out longs if getting bored and you have small costs - but if so be ready to get long again just 20 or higher up on a break above the dynamic - until then this is near term vulnerable again
Coinbase Update
Bitstamp Update
If you agree please hit the button and show it this week-end ! Thanks
Comment:
Holy Crap - that was a bull engulfing and a warning unless we see a damn good spike on the 15 minute. Just hope you managed to get flat fast enough.
But this is not good if the candle cannot break above 9834 line and hold it here....wow - right on it now too...very bullish still above here and neutral negative near term below it
But this is not good if the candle cannot break above 9834 line and hold it here....wow - right on it now too...very bullish still above here and neutral negative near term below it
Comment:
09:46gmt 04:46est
Bitcoin Bitstamp Chart Update
Difficult trading conditions overnight - although the fixed lines of support worked out OK at 9754 and 9565-9534 with the low this morning at 9950, price action in between these levels was testing as Bitcoin made an AbC corrective move back towards the highs before finally falling away to the levels it should have done once 9754 was broken.
Although it's rallied from where it was meant to, so far this rally is lame and cannot be trusted. We've had two larger waves down and there remains the danger that there will be two more to come...
to avert this from happening the 9565-9534 range has to hold up from here today on any retest. Failure here will trigger more selling back to 9443 initially, then to 9351 and most likely back to the 9253-9180 range before rallying again with any real power behind it.
But it's just broken the little continuation pattern around 9640 and fallen away to the lower parallel, spiking off it and leaving the body of the 5 minute candle in the middle of the blue support lines at 9565-9534 again.
This is treacherous, whippy and so far lacks stability. Bulls are fighting hard to keep it above the lines but it's not going to be easy keep it there.
So far it's a sell rallies situation again but the lower parallel is holding it up at the structure lows to left of chart - when it breaks it should pick up speed.
Doing it now...
Bitcoin Coinbase Chart Update
A wicked whipsaw on 5 minute Coinbase - can rally back to 9532 line here where it should fall away again. Has to break back above here for the bears to back off for a while -
Bitcoin Bitfinex
This is the only feed to hit levels and bounce close to the right spot - 10 points above the 9564 line - causing a whip - if short here drive the stop right down above it at 9605 - this is tryinghere on this feed to hold up where it should....
It will try hard to rally from here - only short again if the 9544 line is broken
Bitcoin Bitfinex Chart Update
So far another continuation pattern amongst a series of 4
https://www.tra...
*For fastest Bitcoin updates this weekend please see link at top-left of main page
Bitcoin Bitstamp Chart Update
Difficult trading conditions overnight - although the fixed lines of support worked out OK at 9754 and 9565-9534 with the low this morning at 9950, price action in between these levels was testing as Bitcoin made an AbC corrective move back towards the highs before finally falling away to the levels it should have done once 9754 was broken.
Although it's rallied from where it was meant to, so far this rally is lame and cannot be trusted. We've had two larger waves down and there remains the danger that there will be two more to come...
to avert this from happening the 9565-9534 range has to hold up from here today on any retest. Failure here will trigger more selling back to 9443 initially, then to 9351 and most likely back to the 9253-9180 range before rallying again with any real power behind it.
But it's just broken the little continuation pattern around 9640 and fallen away to the lower parallel, spiking off it and leaving the body of the 5 minute candle in the middle of the blue support lines at 9565-9534 again.
This is treacherous, whippy and so far lacks stability. Bulls are fighting hard to keep it above the lines but it's not going to be easy keep it there.
So far it's a sell rallies situation again but the lower parallel is holding it up at the structure lows to left of chart - when it breaks it should pick up speed.
Doing it now...
Bitcoin Coinbase Chart Update
A wicked whipsaw on 5 minute Coinbase - can rally back to 9532 line here where it should fall away again. Has to break back above here for the bears to back off for a while -
Bitcoin Bitfinex
This is the only feed to hit levels and bounce close to the right spot - 10 points above the 9564 line - causing a whip - if short here drive the stop right down above it at 9605 - this is tryinghere on this feed to hold up where it should....
It will try hard to rally from here - only short again if the 9544 line is broken
Bitcoin Bitfinex Chart Update
So far another continuation pattern amongst a series of 4
https://www.tra...
*For fastest Bitcoin updates this weekend please see link at top-left of main page
Comment:
Bitcoin Bitfinex Chart Update
So far another continuation pattern amongst a series of 4
So far another continuation pattern amongst a series of 4
Comment:
Recent Updates (for fastest updates please see link, top-left of main page)
Sunday 12:39gmt 07:39est
Bitfinex Bigger Shot
Price now trapped between the two fixed lines and below the little rising parallel just above it.
But bulls can count 4 waves down and it only got down to where it was meant to go and has double bottomed in the near term too. And the bigger dynamic under the lows has not even been threatened yet.
But the immediate danger now is the risk of a head and shoulders top forming as Bitcoin tries to hammer out a right shoulder - it won't even be able to achieve that if it stays trapped under the smaller rising parallel, above it still as this is finished.
The downside break level looks clear, still needing a break below the 9544 line on Bitfinex to short again from here (as detailed in earlier comment above).
Upside is less clear but it looks as if a near term rally is slowly developing as this is finally done... back to the upper parallels close to 9700 before it comes off again
Sunday 17:13 gmt 12:13est ...A continuation pattern only apparent on this chart - can now start a bear mangling rally back to the upper parallel - it's a little unsure and uncertain as yet but it looks near term positive again.
Monday
10:42 gmt 05:42 est Bitcoin Bitfinex Update
Gross dereliction of duty yesterday...beguiled by too much real football where players aren't scared of passing forward - we don't get that at OT any more. The Theatre of Dreams is now Nightmare Central.
Cycles suck!
Anyway Bitcoin's Bitstamp chart was left looking at a counter-rally 'towards 9700 before it comes off again'.
It took another 7 hours or so of whipsaw and confusion to get there but by 01:00 gmt/20:00est Bitcoin made a high at 9671, taking out more stops placed just below here in the mind-numbing game of Pacman/hunt the stop that lasted right through the US session and only came alive again as far Eastern markets reopened.
Then, finally the break materialised as Bitcoin felll through the lower parallel of the continuation pattern and we then got a decent streak of tradeable red - that is if you hadn't been sent to sleep in the meantime. But if you were patient enough to stay with it you got the rewards in the end.
It was meant to fall back to the 9253-9180 range before rallying again with any real power behind it. The low so far is 9207.
Since then Bitcoin has fallen away to create a new pair of parallels, bouncing off the lower parallel and making another small continuation pattern in a smaller pair of rising parallels withing the larger falling parallel formation. It's now touching resistance off the upper smaller rising parallel and vulnerable once more - a sell from here with stops above the same small parallel.
It can spend several hours messing with heads again like yesterday, falling to the lower parallel of the continuation pattern and rallying again, potentially as high as 9469 and the upper parallel later on, though in near term the 9375 line is proving hard to beat.
Long story short, we're looking a pattern similar to yesterday's so far. Sheesh.
It looks like it has longer to play out but the pattern can break at any point really.
It's therefore in day trader territory right now again.
To escape the downtrend it has to break above the 9469 line and hold - if we see it materialise later can follow long with stops below.
And on the downside after more time spent moving within the rising parallels of the continuation pattern the next short gets triggered on a break below the lower rising parallel under price now with stops above.
Until then this is likely to drive us nuts with frustration. Patience or time-out in meantime.
Sunday 12:39gmt 07:39est
Bitfinex Bigger Shot
Price now trapped between the two fixed lines and below the little rising parallel just above it.
But bulls can count 4 waves down and it only got down to where it was meant to go and has double bottomed in the near term too. And the bigger dynamic under the lows has not even been threatened yet.
But the immediate danger now is the risk of a head and shoulders top forming as Bitcoin tries to hammer out a right shoulder - it won't even be able to achieve that if it stays trapped under the smaller rising parallel, above it still as this is finished.
The downside break level looks clear, still needing a break below the 9544 line on Bitfinex to short again from here (as detailed in earlier comment above).
Upside is less clear but it looks as if a near term rally is slowly developing as this is finally done... back to the upper parallels close to 9700 before it comes off again
Sunday 17:13 gmt 12:13est ...A continuation pattern only apparent on this chart - can now start a bear mangling rally back to the upper parallel - it's a little unsure and uncertain as yet but it looks near term positive again.
Monday
10:42 gmt 05:42 est Bitcoin Bitfinex Update
Gross dereliction of duty yesterday...beguiled by too much real football where players aren't scared of passing forward - we don't get that at OT any more. The Theatre of Dreams is now Nightmare Central.
Cycles suck!
Anyway Bitcoin's Bitstamp chart was left looking at a counter-rally 'towards 9700 before it comes off again'.
It took another 7 hours or so of whipsaw and confusion to get there but by 01:00 gmt/20:00est Bitcoin made a high at 9671, taking out more stops placed just below here in the mind-numbing game of Pacman/hunt the stop that lasted right through the US session and only came alive again as far Eastern markets reopened.
Then, finally the break materialised as Bitcoin felll through the lower parallel of the continuation pattern and we then got a decent streak of tradeable red - that is if you hadn't been sent to sleep in the meantime. But if you were patient enough to stay with it you got the rewards in the end.
It was meant to fall back to the 9253-9180 range before rallying again with any real power behind it. The low so far is 9207.
Since then Bitcoin has fallen away to create a new pair of parallels, bouncing off the lower parallel and making another small continuation pattern in a smaller pair of rising parallels withing the larger falling parallel formation. It's now touching resistance off the upper smaller rising parallel and vulnerable once more - a sell from here with stops above the same small parallel.
It can spend several hours messing with heads again like yesterday, falling to the lower parallel of the continuation pattern and rallying again, potentially as high as 9469 and the upper parallel later on, though in near term the 9375 line is proving hard to beat.
Long story short, we're looking a pattern similar to yesterday's so far. Sheesh.
It looks like it has longer to play out but the pattern can break at any point really.
It's therefore in day trader territory right now again.
To escape the downtrend it has to break above the 9469 line and hold - if we see it materialise later can follow long with stops below.
And on the downside after more time spent moving within the rising parallels of the continuation pattern the next short gets triggered on a break below the lower rising parallel under price now with stops above.
Until then this is likely to drive us nuts with frustration. Patience or time-out in meantime.
Comment:
Bitcoin Bitstamp Chart Update
Upload problems - trying again
Bitstamp Chart Update
Bitstamp Bigger Shot
Bitcoin Coinbase Update
This could break down sooner than yesterday's pattern - maybe, so be ready for it - a short on a break below the lower parallel of the smaller pattern with stops above - still treacherous, whippy conditions so be careful with stops - but so far this pattern is clearer than yesaterday at least...
Bitcoin Bitfinex Chart Update
Upload problems - trying again
Bitstamp Chart Update
Bitstamp Bigger Shot
Bitcoin Coinbase Update
This could break down sooner than yesterday's pattern - maybe, so be ready for it - a short on a break below the lower parallel of the smaller pattern with stops above - still treacherous, whippy conditions so be careful with stops - but so far this pattern is clearer than yesaterday at least...
Bitcoin Bitfinex Chart Update
Coinbase Chart Update
Bitstamp Chart Update
Guys - the weather is so good in UK (just a perfect day) that there is no one trading except about 3 of us by the look of it...as Bitcoin climbs still higher.
But you can take time out even if trading today by look of the chart...stops under the 9850 line and let it run to 10089 - close out just under and get ready for the big one if we see it - the break above here for 11687