Bitcoin: BTCUSD Bad Friday turns Good on break above 7316
Bitcoin Good Friday?
Some spectacular price action overnight with a massive
counter rally from lows at 6630.
No obvious reason for this rally either. No imaginary Fibo, no
trend-line, nothing.
It looks untrustworthy and has rallied to the spot where it
should stop and fall away again at 7316.
If still short can stay that way with stops above 7316 for now.
The only way this can flip back to positive from here is by
breaking above 7316 and holding (if we see this happen later
on at any point we have to flip back to long once 7551 is
broken to upside using stops at least 50 points lower).
Until that happens this is a counter-rally in the downtrend and
we can stay short looking for 6000-5879 range on Coinbase
feed. Lower stop on short to 7110 to trap in profit now.
Be ready on upside in case a FUD free weekend starts a bigger
rally from 7316.
Some spectacular price action overnight with a massive
counter rally from lows at 6630.
No obvious reason for this rally either. No imaginary Fibo, no
trend-line, nothing.
It looks untrustworthy and has rallied to the spot where it
should stop and fall away again at 7316.
If still short can stay that way with stops above 7316 for now.
The only way this can flip back to positive from here is by
breaking above 7316 and holding (if we see this happen later
on at any point we have to flip back to long once 7551 is
broken to upside using stops at least 50 points lower).
Until that happens this is a counter-rally in the downtrend and
we can stay short looking for 6000-5879 range on Coinbase
feed. Lower stop on short to 7110 to trap in profit now.
Be ready on upside in case a FUD free weekend starts a bigger
rally from 7316.
19:29gmt 14:29est
Stops above 6700 on any shorts in case it sticks here - shouldn't but have had 4 waves down so it can attempt a longer term rally rally from here still (6 to 12 hours) - must push lower now for shorts to stay good from here in near term
19:45gmt 14:45est
Bitfinex Feed Update
Same here - a break above teh upper parallel triggers reversal of shorts with stops at least 50 below the parallel when broken - otherwise wait for potential retest - or 50/50 but try to use a stop (even in head to begin with so long as you can be disciplined enough to trust yourself to do that ? !) - we hopefully know by now that some breaks are strong and clean and others not so, need a retest first. And others are complete failures.
There are several in the chat room who are adept at spotting the differences if you need more help on this. If so just watch and observe and ask questions if you don't get something. But please ask the question to Alexa first. If she can't handle it don't be too shy to ask the group. That's what they're there for. Bitcoin and eachother.
Again, no advice is foolpoof, more's the pity.