Last Update 01:20gmt/20:20est
Bitcoin is continuing to grind higher, still contrained by the
parallel above it.It's double topping in the near term - has to
find buyers enough to push above the high at 11490 on
Coinbase feed but will likely still get rejected by the parallel
above it even it can push higher now - but grinding upwards
towards 11765 completion target perhaps sometime around
14:30 est tomorrow. A small speed line is forming under the
lows of this break so far and bulls will be looking for it to hold
firm to avoid the risk of Bitcoin topping out in near term and
moving into a dull energy sapping sideways to downwards
movement due to lack of follow through come far east opening.
So It's Ok for swings to stay long for now in hope of 11765
later but consider raising stops to under the little dynamic by
50 points or so to trap in 300 plus points profit for the day
even it does wrong from here.
It's been hard work all day. It would be a shame not to let it
run, but also a shame to risk it slipping away. These choices
are ultimately down to profile, as usual. Any move and hold
above 11765 (could only be due to far East buying)
would be extremely - but unlikely in the near term.
Nevertheless if wrong and we see it happen at any point over
the next 24 hours we follow long once more.
Bitstamp Chart Update