Update: Bitfinex Feed 12:27gmt/07:27est
Bitcoin is really trying to break the downtrend here - a bear
green ...can buy or add once it's broken through to
upside if we see it.
It's tracking a narrow corridor/band of uncertainty right now,
trying to figure out he next move - cannot be trusted for sure
as a result but it looks to be trying for the upside now, at least.
Use a stop and try to run it up if possible if this break does
actually materialise from here - it may not be possible except
in head, but watch for a failed break - this time last week in
10 minutes'time we got an amazing burst upwards if you
It's Bitcoin - anything can happen anytime. That's half the fun,
isn't it ?
Downside potential still as comments above
Sunday 10:32 gmt/05:32est Update
Although Saturday was a slow day again we did at least manage to squeeze 310 points on the first short and then 200
or so on the counter-rally long before getting stopped out. Overnight Bitcoin has fallen to the next downside target at
7547 making a new low for this decline at 7550.
If you were up and around for that move too then you've had
a very profitable Saturday. Some people still have to work for a living...whilst others play Bitcoin .
Those with long memories will know that 7547 was the most likely downside target mentioned back in the mists of time,
nearly 2 weeks ago now. But the overall pattern is still nonetheless.
If you reversed back long at 7550 you have traded brilliantly and don't need much help or much guidance here any more.
But the rally from the downside target has been feeble so far and if long here you'll know already that this is still high risk
(but still the right trade as the stop can be very close to entry, just 20 or so under 7550 entry, so low risk but
potentially high reward). It can easily come back to the low again at 7550 but it has to hold up here for any failure to do
so at any point today by more than 20 points will flip Bitcoin back to negative yet again and force it lower, most likely to
the next support line at 7221 and then, once this gives way, back to 5915 on where we will probably look to buy
again if price action allows.
Returning to the upside Bitcoin is tracking within a small
parallel and cannot be bought again from here unless it is broken above - and only then for a spurt back to the bigger
dynamic waiting above it at around the 8079 level. As things currently stand this level is the key to the upside for Bitcoin
over the more medium term. It has to break and hold above here for the bulls to regain any real control. Once again, even
if that looks unlikely right now, we still have to be prepared for any eventuality. It's Bitcoin , after all.