BITCOIN: BTCUSD Inverse Head+Shoulders' Necline being Retested
Bitcoin Updates Bitfinex
Bitcoin finally broke higher at the highly inconvenient time of 01:55 Bst 20:55Est.
For those lucky enough to be around for it this triggered a long from " the break above 6500 for a scalp to 6616.
If volume stays low look to close down a little below here .
The 6616 line is the neck-line of the still smouldering IHS.
Any break above here on rising volumes can be followed long again with stops under 6600 looking for 6892 initially, then 7144 and 7400 in 3 potential long trades or stages."
Well the volume shot up and the high on Bitfinex and Coinbase and a few others was 6899. No stops were hit on the way up.
Between 300 and 390 points of profit so far.
It's been a long wait for a decent break.
Just hope US players managed to get on it even if Europeans got left behind on this one.
Since the high it's fallen back to the first line of support at 6630 after spiking below it to 6600 and is trying to build a base from here after a spike lower and a second retest of the support line precisely.
Ideally for the bull case to hold good (and the IHS too) it should come back one more time, coming close to the 6630 line and hold there before the next phase of the rally kicks in, as above.
Any failure to hold at 6630 -6660 will tip it back into near term bear territory who will likely force price back to the 6530 line again where it should bounce higher when tested.
Bitcoin finally broke higher at the highly inconvenient time of 01:55 Bst 20:55Est.
For those lucky enough to be around for it this triggered a long from " the break above 6500 for a scalp to 6616.
If volume stays low look to close down a little below here .
The 6616 line is the neck-line of the still smouldering IHS.
Any break above here on rising volumes can be followed long again with stops under 6600 looking for 6892 initially, then 7144 and 7400 in 3 potential long trades or stages."
Well the volume shot up and the high on Bitfinex and Coinbase and a few others was 6899. No stops were hit on the way up.
Between 300 and 390 points of profit so far.
It's been a long wait for a decent break.
Just hope US players managed to get on it even if Europeans got left behind on this one.
Since the high it's fallen back to the first line of support at 6630 after spiking below it to 6600 and is trying to build a base from here after a spike lower and a second retest of the support line precisely.
Ideally for the bull case to hold good (and the IHS too) it should come back one more time, coming close to the 6630 line and hold there before the next phase of the rally kicks in, as above.
Any failure to hold at 6630 -6660 will tip it back into near term bear territory who will likely force price back to the 6530 line again where it should bounce higher when tested.
Comment:
No doubt you'll already be aware of the mysterious price spurt overnight that some are blaming on Bitmex 'maintenance' (of price by look of it).
Stops were totally ignored during the process - this made it easier to manipulate on smaller volumes.
Guys - this is a salutary lesson - If all the volume disappears it's the ideal chance for whales to attack with less money needed to shift price and attract other break hunters too...
In future if we know a 'maintenance' break is coming we HAVE to close out everything a go to cash .
So maybe the break higher was manipulation and they knew where to sell from too : (
And maybe not. Who really knows for sure yet?
But sure wish I'd caught up to this story earlier.
It just calls the entire break into question - too damn late now.
Anyway, If you managed to reverse to short of this on the break back below 6600 either close out again or alternatively lower stops to 6453.
It should come back to 6312 at least and more likely to 6226 with lesser support at 6391 being the only chance of temporary near term support on the descent.
One Other Thing...
Whilst you guys are blowing valuable time and skill-sets on one small market ther's an entire universe outside of cryptos and your skill sets are super scalable.
This will probably kill it dead but in the past month we've made good returns each day with a 4 out of 5 success rate and 2 days off per week as well.
You are being very narrow minded to start thinking "Maybe trading is not for me."
You're chasing one girlfriend when you should be running 4 or 5 at any one time.
Or think boyfriend if you're a girl. Balance.
So don't think of stopping trading. Think of using your skill sets in other markets. ADAPTING.
Survival of the most adaptable.
And death to the stubborn and stupid and slow witted. The way of the world. Always. Adapt or die.
One other salient point in the circumstances - the Dow and the S&P won't rip you off when you're asleep either. They are 'real'.
What is there in cryptos that we KNOW is real?
Just asking.
This doesn't mean that we stop trading cryptos - they're fun. Not serious. Fun.
If you want serious please check the global markets link out, top-left of main page
Stops were totally ignored during the process - this made it easier to manipulate on smaller volumes.
Guys - this is a salutary lesson - If all the volume disappears it's the ideal chance for whales to attack with less money needed to shift price and attract other break hunters too...
In future if we know a 'maintenance' break is coming we HAVE to close out everything a go to cash .
So maybe the break higher was manipulation and they knew where to sell from too : (
And maybe not. Who really knows for sure yet?
But sure wish I'd caught up to this story earlier.
It just calls the entire break into question - too damn late now.
Anyway, If you managed to reverse to short of this on the break back below 6600 either close out again or alternatively lower stops to 6453.
It should come back to 6312 at least and more likely to 6226 with lesser support at 6391 being the only chance of temporary near term support on the descent.
One Other Thing...
Whilst you guys are blowing valuable time and skill-sets on one small market ther's an entire universe outside of cryptos and your skill sets are super scalable.
This will probably kill it dead but in the past month we've made good returns each day with a 4 out of 5 success rate and 2 days off per week as well.
You are being very narrow minded to start thinking "Maybe trading is not for me."
You're chasing one girlfriend when you should be running 4 or 5 at any one time.
Or think boyfriend if you're a girl. Balance.
So don't think of stopping trading. Think of using your skill sets in other markets. ADAPTING.
Survival of the most adaptable.
And death to the stubborn and stupid and slow witted. The way of the world. Always. Adapt or die.
One other salient point in the circumstances - the Dow and the S&P won't rip you off when you're asleep either. They are 'real'.
What is there in cryptos that we KNOW is real?
Just asking.
This doesn't mean that we stop trading cryptos - they're fun. Not serious. Fun.
If you want serious please check the global markets link out, top-left of main page
Comment:
Bitcoin Thursday Update
Yesterday's price action was wild. And the wildest of the lot was the Perpetual Inverse swap chart.
The spike high here was much higher than the rest of the exchanges by up to 260m points. Weirdly it hit the 7148 line bang on with a massive volume spike - the biggest since July 27th.
That's pretty strange, even for Bitcoin.
To add insult to injury the stop on short was lowered to 6453 and it was hit by 7 to 10 points on every damn exchange except Bitmex. Not good. My bad.
It was meant to fall to 6312 at least and more likely to 6226. It fell to 6232 on this feed - another 6 points out. Sheesh.
Since the wild spikes of yesterday it's rallied back to retest the 6440 line but is finding it difficult to penetrate it to the upside.
There looks to be quite a battle quietly raging for control of this line now.
The bears are notionally in control whilst below the line but sales are being absorbed from just below here so far.
On the upside it has to break above 6450 to follow long for 6641 again with a stop 30 or so points lower at 6420.
And on the downside there's a little dynamic underpinning the rally and it has break this line and then 6378 to short back to 6282-6207 range for a small 90 point scalp, and 150 or so maximum.
Any subsequent break below 6200 will tip Bitcoin back into deeper negative territory and trigger another short back to 5982 at least and more likely back to 5859.
Bitcoin Chart Updates XBT
Bitcoin Tether Chart
Bitcoin Bitstamp Chart
Bitcoin Coinbase Chart
Bitcoin Bitfinex Chart
Bitcoin Futures Chart
This chart was pretty good despite the spikes - never stopped out here and the spike lower was pretty excelllent here too.
Of all the feeds this was the least spiky yesterday. Steady and true.
Hats off to the futures yesterday.
Yesterday's price action was wild. And the wildest of the lot was the Perpetual Inverse swap chart.
The spike high here was much higher than the rest of the exchanges by up to 260m points. Weirdly it hit the 7148 line bang on with a massive volume spike - the biggest since July 27th.
That's pretty strange, even for Bitcoin.
To add insult to injury the stop on short was lowered to 6453 and it was hit by 7 to 10 points on every damn exchange except Bitmex. Not good. My bad.
It was meant to fall to 6312 at least and more likely to 6226. It fell to 6232 on this feed - another 6 points out. Sheesh.
Since the wild spikes of yesterday it's rallied back to retest the 6440 line but is finding it difficult to penetrate it to the upside.
There looks to be quite a battle quietly raging for control of this line now.
The bears are notionally in control whilst below the line but sales are being absorbed from just below here so far.
On the upside it has to break above 6450 to follow long for 6641 again with a stop 30 or so points lower at 6420.
And on the downside there's a little dynamic underpinning the rally and it has break this line and then 6378 to short back to 6282-6207 range for a small 90 point scalp, and 150 or so maximum.
Any subsequent break below 6200 will tip Bitcoin back into deeper negative territory and trigger another short back to 5982 at least and more likely back to 5859.
Bitcoin Chart Updates XBT
Bitcoin Tether Chart
Bitcoin Bitstamp Chart
Bitcoin Coinbase Chart
Bitcoin Bitfinex Chart
Bitcoin Futures Chart
This chart was pretty good despite the spikes - never stopped out here and the spike lower was pretty excelllent here too.
Of all the feeds this was the least spiky yesterday. Steady and true.
Hats off to the futures yesterday.
Bitcoin Coinbase Chart
Bitcoin Bitstamp Chart
Bitcoin Tether Chart
Bitcoin Bitmex Chart
The high here was only 6861 - fail !
Think traders using Bitmex need to follow Bitfinex (and maybe Coinbase and Bitstamp too if not too confusing, and if it is then use Bitfinex as the confirming signal/levels for Bitmex trades)