Bitcoin: BTCUSD
Just had to tear away over lunch to check the monster.
Spoke of a low being made around midnight est, looks like it
was 2am. The breakof the bigger parallel from the highs was
good, green candles, everything you'd want from a 'good'
break, but it was running too fast: 800 points or 9% in less
than 3 hours...there is resistance there 10180 high from the
big red candle to left of price on chart but didn't judge it
strong enough (too many lines is confusing so try to strip it
down, sometimes too much). Anyway, who spotted the
continuation pattern that then followed as it came back to
make an intermediate double bottom at 9365, right off the
blue support...fixed and dynamic met at that moment and
left a pin bar on the low...the continuation pattern: now 2
strikes = hot..and bam, she breaks the upper parallel, bit of a
retest that works and up she goes. So now it's created another
little impulse wave from that low at 2am est and is a buy of
the lower parallel and sell off the upper (for day traders). If
you have been trying to get long here and been stopped out
on good longs look to buy on any touch of the lower parallel.
Bitcoin stays good whilst within this wave in near term and
looks aabsolutely fine again for medium and longer term too.
And what's good for Bitcoin is good for the Alts/USD. Buy on
dips. This could be a good weekend ahead. Back much later
Just had to tear away over lunch to check the monster.
Spoke of a low being made around midnight est, looks like it
was 2am. The breakof the bigger parallel from the highs was
good, green candles, everything you'd want from a 'good'
break, but it was running too fast: 800 points or 9% in less
than 3 hours...there is resistance there 10180 high from the
big red candle to left of price on chart but didn't judge it
strong enough (too many lines is confusing so try to strip it
down, sometimes too much). Anyway, who spotted the
continuation pattern that then followed as it came back to
make an intermediate double bottom at 9365, right off the
blue support...fixed and dynamic met at that moment and
left a pin bar on the low...the continuation pattern: now 2
strikes = hot..and bam, she breaks the upper parallel, bit of a
retest that works and up she goes. So now it's created another
little impulse wave from that low at 2am est and is a buy of
the lower parallel and sell off the upper (for day traders). If
you have been trying to get long here and been stopped out
on good longs look to buy on any touch of the lower parallel.
Bitcoin stays good whilst within this wave in near term and
looks aabsolutely fine again for medium and longer term too.
And what's good for Bitcoin is good for the Alts/USD. Buy on
dips. This could be a good weekend ahead. Back much later
Comment:
Bitcoin makinga wild little pattern now trying to cling to parallel ...it has find buyers here or it's going to fall over and bring Alts off with it. Here the key level for net term is 10422-10400. If this fails at any point it will come off to 10169-101500 range at least and then to 10008 if 10400 breaks..sell atl longs if we see this BTC and BTG
Turning old resistance into support..strong sign.Buy more stops below the 10400 now.