BTCUSD Bitcoin - Next Trade Points from here
Bitcoin broke lower overnight but stopped just a few points above the 6226 line on Bitfinex and then rallied back above the 6312 line, dancing either side of it for a couple of hours as it made a small bull pennant before surging back to retest the upper boundary of the triangle again.
A Groundhog day.
Price has now come back inside the same triangle that formed over yesterday and is moving precisely inside it now as it approaches apex.
No trade inside the old triangle as yet.
But it looks to be coming to a head/decision point soon enough again now...
It has to break above 6500 now to follow long for a scalp to 6616.
If volume stays low look to close down a little below here .
The 6616 line is the neck-line of the still smouldering IHS.
Any break above here on rising volumes can be followed long again with stops under 6600 looking for 6892 initially, then 7144 and 7400 in 3 potential long trades or stages.
On the downside the low overnight has created a larger bull flag which only stays good so long as it holds 6409-6400 and the lower dynamic that forms the triangle.
Failure to hold 6400 should be worth shorting back to 6312 for a scalp and potentially back to the lower parallel of the bigger flag at 6226-6170 range.
It then has to break below here to add or reopen fresh shorts from 6160 back to 5997-5898 range.
Bitcoin broke lower overnight but stopped just a few points above the 6226 line on Bitfinex and then rallied back above the 6312 line, dancing either side of it for a couple of hours as it made a small bull pennant before surging back to retest the upper boundary of the triangle again.
A Groundhog day.
Price has now come back inside the same triangle that formed over yesterday and is moving precisely inside it now as it approaches apex.
No trade inside the old triangle as yet.
But it looks to be coming to a head/decision point soon enough again now...
It has to break above 6500 now to follow long for a scalp to 6616.
If volume stays low look to close down a little below here .
The 6616 line is the neck-line of the still smouldering IHS.
Any break above here on rising volumes can be followed long again with stops under 6600 looking for 6892 initially, then 7144 and 7400 in 3 potential long trades or stages.
On the downside the low overnight has created a larger bull flag which only stays good so long as it holds 6409-6400 and the lower dynamic that forms the triangle.
Failure to hold 6400 should be worth shorting back to 6312 for a scalp and potentially back to the lower parallel of the bigger flag at 6226-6170 range.
It then has to break below here to add or reopen fresh shorts from 6160 back to 5997-5898 range.