Bitcoin BTCUSD Saturday Update/Buy Points
After another 15 hour period of dreary consolidation lasting
through the European session and right through the US session
to the close Bitcoin finally bottomed right on the low point
forecast for the day before the rally we spent all day waiting
for finally kicked in. Patience was finally rewarded as Bitcoin
began to push higher again into the far East session, rallying
to an overnight high at 11419 before the customary 06/01est
sell off. Later today it should push higher still to test 11790.
In the meantime though, it can spend quite some time moving
sideways once more, using the 11192 line here on Bitfinex as
support as it does so - and can come back to the parallel
underneath it at lowest to stay good from here today for the
rally to 11790. This process may be mercifully short - but it
could also last several hours as it did yesterday. We need to
be prepared for both. Look to enter long if not already from
11192 -11050 range (with stops under 11000) or can add/enter
long again once 11430 has been broken above for rally to
11790 where we will look to close out and maybe reverse
short if touched later on - depending on price action when we
reach the upside target. More as this move develops.
Whilst Bitcoin remains within the parallels guiding this rally it
remains overall positive.
After another 15 hour period of dreary consolidation lasting
through the European session and right through the US session
to the close Bitcoin finally bottomed right on the low point
forecast for the day before the rally we spent all day waiting
for finally kicked in. Patience was finally rewarded as Bitcoin
began to push higher again into the far East session, rallying
to an overnight high at 11419 before the customary 06/01est
sell off. Later today it should push higher still to test 11790.
In the meantime though, it can spend quite some time moving
sideways once more, using the 11192 line here on Bitfinex as
support as it does so - and can come back to the parallel
underneath it at lowest to stay good from here today for the
rally to 11790. This process may be mercifully short - but it
could also last several hours as it did yesterday. We need to
be prepared for both. Look to enter long if not already from
11192 -11050 range (with stops under 11000) or can add/enter
long again once 11430 has been broken above for rally to
11790 where we will look to close out and maybe reverse
short if touched later on - depending on price action when we
reach the upside target. More as this move develops.
Whilst Bitcoin remains within the parallels guiding this rally it
remains overall positive.