sumastardon
Long

Bitcoin BTCUSD Back in the buy-Zone

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             BTCUSD            
If stopped out on the break below the first support at 11385 it
means a small win of a couple of hundred points overnight.
This is the reason we use stops. But Bitcoin             is back in the buy
zone and looks good to buy again ay 10600 and down to 10500
on any dips from here with a stop below 10450
there is 5000 to 9000 points of upside potential and 200 down
from here if stops continue to be used.
Comment: So that long didn't work. It may take a couple more attempts to catch this too. But not giving up because of 1 blown stop. So am looking at the dynamic at 10275 to buy again, as close to as possible with an 80 point stop at 10195. If this fails will look again at 9900 level - the low is likely here or 9900 lowest if wrong here. Look to buy on dips now - if you can withstand near term pain it's still OK at 10500 if looking to buy and HODL - this dip is an opportunity - 500 downside and 5000 up
Comment: Can buy on next dip back towards 10540 if not long already from lower down 9as above)

Comment: Approaching resistance potential at 10792 where day traders can take profits and llok to renter from 200 or so points lower - others still looking to hold from lower down can raise stops to just under 10500 now for rough break even if it falls away more strongly from here.
But if 10500 and at worst 10300 continues to hold up on sell offs now we should push back up to 11336 later today
Comment: Pattern
So far in super near term that little pattern under the 10698 level is potentially bullish and if it can hold up on the lows of the pattern at 10575 that will mean it's likely to power through 10689 but obviously has to bust the high here at 10650 to complete a little flag formation signalling strength to 10860 - so that means if day trading do not close out at 10698 as suggested above
Comment: Oh boy - a continuation pattern emerging on Coinbase chart which is not very likely to have a bullish outcome later...close out long now whilst still in profit or run it but raise stop to 10660 on Bitfinex feed

Comment: So if you raised the stop and stayed with it well done - still spooked by Coinbase continuation patternnthough so look to close out and even reverse if we see a test of the upper parllel on Coinbase chart ...already probing the spike high of an old run and so get ready to close out and aggressive day traders can look to short from the touch of the upper parallel on Coinbsase with stops above it. It can run as high as 10900 in this run most likely at tops...
To fip back to bullish again it will have to break above the upper parallel on Coinbase and bust 10900- only if we see this, which we could, it's Bitcoin after all, do we look to get long again from here

Others can raise the stop further to 10745 on Coinbase
Comment:
Comment: Bull forming potentially with low downside if stop is used just below 11100
Comment:
Comment:
Comment: Bitcoin only becomes a buy on exit of the top parallel running this continuation patter with stops below the same line. Must survive the retest from above when broken and then find buyers in volume to ensure success. Do not stay with this long in hope if this fails to happen within about 5 minutes maximum of the break appearing. We need to see a good green candle emerge here for it to stay looking good.
Comment: Would be helpful for Bitfinex to confirm here
Comment:
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