Bitcoin: BTCUSD On Important Support Right now
Bitcoin. Clock-Work 05:53 est
another 01:00 gmt low, another at 06:00gmt. And high at
10:00 - right on the upper parallel where longs who bought at
6am have closed out for 450 points - day's work done.
Now has to climb above the upper paralle and hold there on
retest once broken to turn back to bullish again from here.
Unlikely in very nearterm but it's trying hard here. We have
had 4 waves down which is standard stuff for Bitcoin so this
decline could be over but it still has some work to do to bust
above the mass of resistance gathered above it from
here...the old neck-line - can only get long from here once
the upper parallel is busted and held - all it's done so far is a
nice little counter rally to exactly where it should stop. We
got some far Eastern interest at 01.00 and some European
interest at 06:00 and now we'll need US interest to help it
move higher from here - in meantime it needs to unwind a
little. So far it's holding at 10100 but when this gives way it
should fall back to support at 9965-9855
07:07est
Last low on Bitstamp at 9935 with a nice spike under it on 15
minute - and now we have a break of the upper parallel and
test of the first line of resistance at 10254 as early birds in US
catch the worm - likely to push on up to the neckline by
14.45gmt, maybe in the 15 minute candle on US official open
- if you got long on the last dip as above stay with it and raise
stop to just under the low at 9930 for small loss if wrong from
here. Look to close out in the 10300-10350 range where fixed
and dynamic resistance begin to merge. But we 've broken the
down-trend and need to be ready to get long again when and
if that uppermost dynamic/old neck-line is broken above and
held (now at 10345) - can follow the break with stops below
10300 when it happens.
Bulls have 4 waves down which signals potential completion -
but the bears have that Head and Shoulders on their side still
- bulls gotta break that neck-line next big test - then we are
off to the races with a relief rally - but not until...day
traders are using the smallest dynamic here on 3 minute by
look of it...
09:09est
After moving sideways above the parallel for a while Bitcoin has come back to life as expected with US opening. Now testing the target at 10300-10350 with a spike high at 10372 on bitfinex....so closed out and looking to buy again lower , maybe only as low as 10300 ...
09:14
Had to get that uploaded quickly - so this is looking good again - has just poked above the dynamic/old neck-line on Bitstamp which is the big test now...buying across 3 continents - just neeed to beware a suck in here though...but if it can hold up here above 10350 and the dynamic this is going to rally very well now...
another 01:00 gmt low, another at 06:00gmt. And high at
10:00 - right on the upper parallel where longs who bought at
6am have closed out for 450 points - day's work done.
Now has to climb above the upper paralle and hold there on
retest once broken to turn back to bullish again from here.
Unlikely in very nearterm but it's trying hard here. We have
had 4 waves down which is standard stuff for Bitcoin so this
decline could be over but it still has some work to do to bust
above the mass of resistance gathered above it from
here...the old neck-line - can only get long from here once
the upper parallel is busted and held - all it's done so far is a
nice little counter rally to exactly where it should stop. We
got some far Eastern interest at 01.00 and some European
interest at 06:00 and now we'll need US interest to help it
move higher from here - in meantime it needs to unwind a
little. So far it's holding at 10100 but when this gives way it
should fall back to support at 9965-9855
07:07est
Last low on Bitstamp at 9935 with a nice spike under it on 15
minute - and now we have a break of the upper parallel and
test of the first line of resistance at 10254 as early birds in US
catch the worm - likely to push on up to the neckline by
14.45gmt, maybe in the 15 minute candle on US official open
- if you got long on the last dip as above stay with it and raise
stop to just under the low at 9930 for small loss if wrong from
here. Look to close out in the 10300-10350 range where fixed
and dynamic resistance begin to merge. But we 've broken the
down-trend and need to be ready to get long again when and
if that uppermost dynamic/old neck-line is broken above and
held (now at 10345) - can follow the break with stops below
10300 when it happens.
Bulls have 4 waves down which signals potential completion -
but the bears have that Head and Shoulders on their side still
- bulls gotta break that neck-line next big test - then we are
off to the races with a relief rally - but not until...day
traders are using the smallest dynamic here on 3 minute by
look of it...
09:09est
After moving sideways above the parallel for a while Bitcoin has come back to life as expected with US opening. Now testing the target at 10300-10350 with a spike high at 10372 on bitfinex....so closed out and looking to buy again lower , maybe only as low as 10300 ...
09:14
Had to get that uploaded quickly - so this is looking good again - has just poked above the dynamic/old neck-line on Bitstamp which is the big test now...buying across 3 continents - just neeed to beware a suck in here though...but if it can hold up here above 10350 and the dynamic this is going to rally very well now...
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