Bitcoin: BTCUSD Update Getting Interesting Again Now
If you held your stops under 7660 as advised at start of
weekend the 7717 level has proved a good entry point.
However even if stopped out like me for 30 point loss after
spending the weekend fishing, losing bait and cursing and
never getting a chance to buy from lower, at least now, after
breaking above the upper parallel sucesssfully on second
attempt (but not hitting stops placed under 7700) we finally
have a decent long trade on from 7790 highest. That
bear engulfing green candle just now wiped out 34 hours of
sideways movement in 30 minutes flat. This is still strong.
No sellers. Just a few buyers...
we should see another test of the highs very soon.
Depending on risk profile and if long from 7717, either
close down at 7980-8000 range and be ready to buy again on break above
8020 (using 100 points + profit from this current long as stop
for next trade). If it works out you compound winnings so fast
it will make your head spin. If wrong you and stop gets hit
once it busts above 8020 you break even. Or you can hold the
current long and just watch at 8000...if it sticks (before China
opens it could do) close out but be ready to recomit later.
This could be explosive (and could also be a complete damp
squib) . But you'll never win unless you're prepared to play.
Good Luck to all those that do.
If you held your stops under 7660 as advised at start of
weekend the 7717 level has proved a good entry point.
However even if stopped out like me for 30 point loss after
spending the weekend fishing, losing bait and cursing and
never getting a chance to buy from lower, at least now, after
breaking above the upper parallel sucesssfully on second
attempt (but not hitting stops placed under 7700) we finally
have a decent long trade on from 7790 highest. That
bear engulfing green candle just now wiped out 34 hours of
sideways movement in 30 minutes flat. This is still strong.
No sellers. Just a few buyers...
we should see another test of the highs very soon.
Depending on risk profile and if long from 7717, either
close down at 7980-8000 range and be ready to buy again on break above
8020 (using 100 points + profit from this current long as stop
for next trade). If it works out you compound winnings so fast
it will make your head spin. If wrong you and stop gets hit
once it busts above 8020 you break even. Or you can hold the
current long and just watch at 8000...if it sticks (before China
opens it could do) close out but be ready to recomit later.
This could be explosive (and could also be a complete damp
squib) . But you'll never win unless you're prepared to play.
Good Luck to all those that do.
Comment:
Bitcoin has made a high at 8036 and therefore triggered longs on low volume defore China opens...it's gone in straight line and can easily come back to 7850 so stops must be under here..preferably under 7800....bad break that needs protecting . 7850 should become support now
Trade active:
This break is still not classed a success yet, the fish maybe on the line but a long way from landing this from here yet. The worry is low volume here and not enough to carry it over the line before China opens ....it's holding up well off the old secondary highat 7970 but if it fails here it will fall away to 7857810 and may even crush dwon to 7717- 7700 again before blasting higher, this time for good. So either raise stop to 7950 or lower it to under 7700.