Bitcoin Friday Update Next Buy Point Today
Bitcoin duly broke higher from 10600 and we followed that
break. Overnight Bitcoin has made a high at 11189, climbing
three rungs higher on this particular ladder to reach 3 points
below the the next line of resistance at 11192. Day traders
are closing out here and looking to get long again from lower
down towards the 10888 line and potentially as low as 10681
if 10888 cannot hold up this morning. But Bitcoin must hold up
at 10681 at lowest today for the bulls to remain in overall
control from here. A break (not spike) below this level will tip
Bitcoin into a near term negative pattern and day traders will
to short more aggressively if this were to happen.
But so far the overall pattern is still bullish. If still long from
10600 break higher yesterday can stay long but raise stop to
under 10870 and if struck look to buy again around 10681 with
stops 50 or so lower.
Look to add once 11192-11200 range has been broken above
looking for completion of this rally to the target at 11790.
Close out just below here and some day traders may consider
reversing from this point if touched later, depending on how
it behaves when it gets there. More as the move develops.
* For updates in real-time plase check top left of main page
Yesterday:
Bitcoin Coinbase Chart Next Buy Point
Bitcoin has spent the last 24 hours or so hammering out a
continuation pattern not too far from the recent highs. It
hasn't collapsed from here, though, which has to be a positive
signal, so far. It's now probing the upper parallel at 10600 and
trying to break higher. To stay positive from here it has to
make this break. If we see it we can follow with stops under
the upper parallel by 50 points or so when broken. Otherwise,
in absence of a break higher and Bitcoin spends more time in
this consolidation pattern we will look for an entry from lower
down later
Bitcoin duly broke higher from 10600 and we followed that
break. Overnight Bitcoin has made a high at 11189, climbing
three rungs higher on this particular ladder to reach 3 points
below the the next line of resistance at 11192. Day traders
are closing out here and looking to get long again from lower
down towards the 10888 line and potentially as low as 10681
if 10888 cannot hold up this morning. But Bitcoin must hold up
at 10681 at lowest today for the bulls to remain in overall
control from here. A break (not spike) below this level will tip
Bitcoin into a near term negative pattern and day traders will
to short more aggressively if this were to happen.
But so far the overall pattern is still bullish. If still long from
10600 break higher yesterday can stay long but raise stop to
under 10870 and if struck look to buy again around 10681 with
stops 50 or so lower.
Look to add once 11192-11200 range has been broken above
looking for completion of this rally to the target at 11790.
Close out just below here and some day traders may consider
reversing from this point if touched later, depending on how
it behaves when it gets there. More as the move develops.
* For updates in real-time plase check top left of main page
Yesterday:
Bitcoin Coinbase Chart Next Buy Point
Bitcoin has spent the last 24 hours or so hammering out a
continuation pattern not too far from the recent highs. It
hasn't collapsed from here, though, which has to be a positive
signal, so far. It's now probing the upper parallel at 10600 and
trying to break higher. To stay positive from here it has to
make this break. If we see it we can follow with stops under
the upper parallel by 50 points or so when broken. Otherwise,
in absence of a break higher and Bitcoin spends more time in
this consolidation pattern we will look for an entry from lower
down later
16:20gmt/11:20est
So far the old dynamic resistance line (green arrow) is holding up well and becoming support - whilst this continues Bitcoin is ultimately positive - now coming back for retest - so long as it holds up now this is going to fly higher later.
Bitstamp Updated Chart