BTCUSD: Bitcoin Still Struggling Here
Updated
Bitcoin Update
Finally, after two fake-ins as Bitcoin spiked above the upper dynamic of the triangle formation of yesterday and came back
to the lower rising dynamic of the triangle on the first occasion and then to the apex of the triangle on the second
occasion before finally reaching it's very modest updside target at 8450-8460 (high at 8483) before falling away again.
It was damned hard work yesterday. The staid steady hands of institutional players are slowly squeezing the life and soul out
of the party. But it still moves faster than pretty much anything else outside of the crypto markets for all that.
Overnight Bitcoin has formed yet another bear flag with two
strikes on the upside signifying 'cold', still with a big rejection spike off the upper parallel of the flag.
It's trying hard to stabilise and to attract enough buyers to spark a counter-rally but cannot get far unless the upper
parallel of the little channel formed since the overnight high was reached can be broken above. Only then can a buy be
considered looking for a counter-rally to 8430 and potentially a spike to the 8481 line again at best before it falls away
again. That's best case scenario right now.
The overall pattern is still bearish and eventually this is still likely to fall away in stages to 7817-7760 range and lower still.
But institutions are playing this like a big marlin on a line, letting it out some and playing it until it tires and then reeling
it back in again. When they let it run to the upside be careful with longs - it can't run far before they reel it back in again.
So really we need to be looking for shorting opportunities and any longs need treating as scalps at best for now.
On the downside we need to see a break below 8200 today to trigger the next short back to 8114-8100 range initially. Any
break below 8100 will tip it back into bear hands again and it should fall to 7946 to begin with and then to 7818-7760.
Below here the next significant support lies at 7584 and then
a bigger drop to 6955.
Finally, after two fake-ins as Bitcoin spiked above the upper dynamic of the triangle formation of yesterday and came back
to the lower rising dynamic of the triangle on the first occasion and then to the apex of the triangle on the second
occasion before finally reaching it's very modest updside target at 8450-8460 (high at 8483) before falling away again.
It was damned hard work yesterday. The staid steady hands of institutional players are slowly squeezing the life and soul out
of the party. But it still moves faster than pretty much anything else outside of the crypto markets for all that.
Overnight Bitcoin has formed yet another bear flag with two
strikes on the upside signifying 'cold', still with a big rejection spike off the upper parallel of the flag.
It's trying hard to stabilise and to attract enough buyers to spark a counter-rally but cannot get far unless the upper
parallel of the little channel formed since the overnight high was reached can be broken above. Only then can a buy be
considered looking for a counter-rally to 8430 and potentially a spike to the 8481 line again at best before it falls away
again. That's best case scenario right now.
The overall pattern is still bearish and eventually this is still likely to fall away in stages to 7817-7760 range and lower still.
But institutions are playing this like a big marlin on a line, letting it out some and playing it until it tires and then reeling
it back in again. When they let it run to the upside be careful with longs - it can't run far before they reel it back in again.
So really we need to be looking for shorting opportunities and any longs need treating as scalps at best for now.
On the downside we need to see a break below 8200 today to trigger the next short back to 8114-8100 range initially. Any
break below 8100 will tip it back into bear hands again and it should fall to 7946 to begin with and then to 7818-7760.
Below here the next significant support lies at 7584 and then
a bigger drop to 6955.
Note
13:06gmt 08:06est Bitcoin Chart UpdatesCoinbase
3 tiny waves up - stops on any longs can be placed under the smaller rising parallel of the continuation pattern it's been making since the lows this morning. It needs a boost as US wakes for bulls to reach the 8430 minimum upside target from here though. The nearest resistance lies at 8343 -8350 range - be careful if long at this point and close out half on first touch. It then has to break and hold above 8350 to buy again for rally to 8430-8481 range.
And in the absence of US interest we will fall away again, as usual. A break of the lower parallel of the little pattern will flip it back to negative again back to 8225-8200 where it should bounce once more. It then has to break 8200 to hit it more aggressively back to 8114.
It's not ready to break lower yet awhile - but we need to watch how it reacts at 8343 now for next signal to increase or cut and run.
Bitcoin Bitfinex Chart Update
Bitcoin Bitstamp
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Note
Bitcoin Futures UpdateThese levels are working quite well on the futures chart still. The next support here is 8118 and the low so far is 8115.
Once it breaks the next support is at 7940 and then 7777.
It may spend a little while peering over the abyss and trying to escape what could well be the beginning of another big fall.
Next supports lie at 7570 and then 6841.
It can easily test 6841 before this is over.
Coinbase Update
Bitstamp Update
Bitcoin Bitfinex Update
Note
Bitcoin Coinbase Chart UpdateBitcoin has fallen away overnight to make a low at 7927, some 19 points below the next nearterm downside target at 7946 before bouncing. The bounce has taken it back to test the same overhead dynamic which arrested all rally attempts yesterday, leaving spikes above it on the 30 minute chart.
Price action is beginning to form a falling wedge which ultimately should be bullish - but it has to break the above the falling dynamic that continues to hold it back and then push above 8225 and hold (not spike) to follow long again from here.
Until then Bitcoin is still not out of the woods and remains vulnerable to further sell offs whilst still trapped under the 8114 line. The next support below 7946-7927 range lies at 7817-7760, then 7584 and 6955.
Bitcoin Coinbase Closer
Bitcoin Bitstamp Chart Update
Bitstamp Bigger Picture
Bitcoin Bitfinex Feed Update
Bitcoin Futures Chart Update
The levels are still working quite well here.
Even though few trade futures this chart still gives useful confirming signals for trades on the other exchanges
Note
...https://ps://www.tradingview.com/x/bd0wIUxc/Bitcoin Coinbase Update
A lttle bull flag is trying to form on Coinbase feed - two strikes on the downside - so far at least. It now has to break above the upper dynamic and hold up at the 8114 line for the flag to to stay good from here. If so can follow with stops below 8180.
Spikes above and below price forming on 15 minute - about the same pin length too - showing equal indecison each side. First support is at the 8083 line here and it can move sideways now awhile.
But right now this is not as bearish as yesterday and it has a chance now making a counter rally worth trading if we see it, as above.
Downside it has to break 7946-7927 range to flip back to negative again, as per update above
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