Bitcoin BTCUSD Runaway Train
Nice quiet Sunday for Bitcoin!
There is no stopping this runaway train now.
It's travelling in a new super-pulse of buying power from the
lows of Saturday at 8174 and heading for the upper parallel
once more. It's a buy even here/on any weakness back to 9600
(stick an order in here or even chase it, and then look to sell
off the upper parallel when touched. Stops under 9590 for
now
Nice quiet Sunday for Bitcoin!
There is no stopping this runaway train now.
It's travelling in a new super-pulse of buying power from the
lows of Saturday at 8174 and heading for the upper parallel
once more. It's a buy even here/on any weakness back to 9600
(stick an order in here or even chase it, and then look to sell
off the upper parallel when touched. Stops under 9590 for
now
Comment:
That had to be sent quickly, the last one. To continue:
A buy off the big lower parallel with stops 30 under it.
If it breaks the parallel the uptrend for the day is broken. we could have another big sell off back to original structure again, back to 9352 at last - a good short if we see this price action develop over the next few hours - looking to go long again here with stops 30 points lower. A break below any blue line is likely to trigger further near term weakness to the next line with the potential at worst for any wash-out to extend as low as 9030 but unlikley any lower. But this can't happen unless the lower parallel is lost.
A buy off the big lower parallel with stops 30 under it.
If it breaks the parallel the uptrend for the day is broken. we could have another big sell off back to original structure again, back to 9352 at last - a good short if we see this price action develop over the next few hours - looking to go long again here with stops 30 points lower. A break below any blue line is likely to trigger further near term weakness to the next line with the potential at worst for any wash-out to extend as low as 9030 but unlikley any lower. But this can't happen unless the lower parallel is lost.
Comment:
If long suggest raising stop to 9500 or just under - struggling at 9570 and finding it hard, so day traders can close out here also for a small 110 point win if you managed to get long close to the parallel (which so far hasn't been touched quite.). For day traders it has to break above this level to stay positive. But any loss of the big parallel and the bears will be all over this...it's come a long way very fast and needs to correct sometime soon. When it loses the big parallel it should be safe to short back to 9352 at least, and potentially to 9030. Some good shorts at some point...all depends on the parallel now - and whilst above it the the bulls still hold the day
Comment:
Now making a real test of the parallel and at mission critical point . It's a buy off the parallel as before with stop 30 points under for small loss if wrong here. But knowing that a break below the parallel will turn the tables completely as above comments...also if we get the bounce, the next , safer place to go long/increase is on a break above the little dynamic off the highs, on next pull-back. Close at the upper parallel if this comes off.
Comment:
There's another 100 to 120 points profit to grab if it touches close to the upper little dynamic on chart off the highs. Maybe take it and go long again if that dynamic can be topped. This is looking tired again, so only go long once more on a break above the line. At some point soon it will likely break the lower big parallel - either quite soon now, or if it can bust above the dynamic off the highs it can rally hard to the upper parallel potentially and then recoil - and then lose the lower parallel, triggering a bear rout (from close to here, or from the next leg up, if we see it. )
Comment:
Buy here with stop 30 points under the line
Comment:
Another too tight stop may have triggered a 30 point loss (2nd today after two paltry 100 point wins) - should have been at 50 points, me being too mean - it's since gone 40 points lower on Bitstamp so apologies. It's not worth buying here as risk rewards don't match up. The only way now of going long is if the (now flattened) resistance line just above here can be broken, giving us a way in again on any retest of the line from above, or if we see a good pulse of green. Stops need to be under the line by between 30 and 50 points. Maybe we'll see this but if so it's likely to be blow- off type. One for day traders only now, who are going to need to keep raising the stop under each minor correction in the move if we see the break occur. The upper parallel should contain the move and if struck will give a selling point.
It's 50/50 here, now. So day traders can await the signal the chart gives and react to it. However, when the lower parallel is broken either when China opens (or later on from one leg higher up) it will open the gates for bears to pounce. It could be quite a picnic. Time to short for day traders and even for some swing traders, if we are awake to see it. It looks like 9352 will be a minimum downside target once the parallel is lost. The blue lines are the most likely points to expect support to kick in - but 9030 stands out as the next most likely big support if 9352 fails. Below here 8680. If we see that price swing traders can step back long again. Day traders look to close out shorts as each big level is met, watching to see if price halts and starts to turn, before closing out. Remember all the massive pin bars this monster likes to leave when the rally does kick back in. None of the other 3 we follow really behaves as crazily or with so much volatility as BCH right now. That can be helpful to the day trader so long as he's ready for that pin bar and takes those profits pdq.
For others this is for watching right now not trading - we have some locked away in the freezer and it won't be coming out any time soon now. But if does come back to 8680 it wouldn't do much harm to buy some more.
It's 50/50 here, now. So day traders can await the signal the chart gives and react to it. However, when the lower parallel is broken either when China opens (or later on from one leg higher up) it will open the gates for bears to pounce. It could be quite a picnic. Time to short for day traders and even for some swing traders, if we are awake to see it. It looks like 9352 will be a minimum downside target once the parallel is lost. The blue lines are the most likely points to expect support to kick in - but 9030 stands out as the next most likely big support if 9352 fails. Below here 8680. If we see that price swing traders can step back long again. Day traders look to close out shorts as each big level is met, watching to see if price halts and starts to turn, before closing out. Remember all the massive pin bars this monster likes to leave when the rally does kick back in. None of the other 3 we follow really behaves as crazily or with so much volatility as BCH right now. That can be helpful to the day trader so long as he's ready for that pin bar and takes those profits pdq.
For others this is for watching right now not trading - we have some locked away in the freezer and it won't be coming out any time soon now. But if does come back to 8680 it wouldn't do much harm to buy some more.
It's now coming back to test the lower parallel at around 9444 and is another buy here with stops about 30 points under the parallel. And if at any poin this lower parallel should fail today, it turn negative again, busting the stop and triggering an about face (be prepared for either eventuality so it's not a shock when we're wrong, paralysing the next action through remorse, anger and other human emotions that aren't needed to trade well).