Bitcoin Update
Bitcoin is still trying to grind higher, now testing critical near term resistance at 7717 where the fixed and dynamic
resistance lines meet on the chart. Even if it's low volume, this breakout, should it occur at any point, should be
followed for a move back to 7990-8000 where look to close out and short (only if day trader) with stop 50 points
above 8000. Bitcoin is unwinding an overbought condition reached on Friday by trading sideways right at the top, in
the space you'd expect a very strong stock to consolidate in. It's not been sold off really, not recoiling as it would do
if showing underlying weakness at these levels. ..at some point it's going to beat 8000 by 20 points, could even be
this weekend, and when it does it should be followed with stops about 100 points under 8000.
But in near term it will likely fall away from here...don't sell it though unless you use a tight stop above the upper
parallel. Wait, watch for the break to the upside. Be Lucky
Bitcoin is still trying to grind higher, now testing critical near term resistance at 7717 where the fixed and dynamic
resistance lines meet on the chart. Even if it's low volume, this breakout, should it occur at any point, should be
followed for a move back to 7990-8000 where look to close out and short (only if day trader) with stop 50 points
above 8000. Bitcoin is unwinding an overbought condition reached on Friday by trading sideways right at the top, in
the space you'd expect a very strong stock to consolidate in. It's not been sold off really, not recoiling as it would do
if showing underlying weakness at these levels. ..at some point it's going to beat 8000 by 20 points, could even be
this weekend, and when it does it should be followed with stops about 100 points under 8000.
But in near term it will likely fall away from here...don't sell it though unless you use a tight stop above the upper
parallel. Wait, watch for the break to the upside. Be Lucky