Long

Bitcoin showing some strenght again

Updated

I can steel see allot of doubt in this market, but it is starting to show some strenght again. This is what i wrote in my previous update of the last chart:

It's starting to show some strenght again, It had a lot of trouble getting through the red area, the 15.400/15.500 area, what i have mentioned many times already is an important zone. After a drop it just spiked trough it now. Not completely convincing, because the volume is not really high! Real strenght would be shown if there would be many sellers, but even more convincing buyers. No there is still a chance that sellers are waiting for higher prices. The next red area will be a test of that, around 16.200!
Second thing is, Bitstamp is falling more and more behind, difference is 600 points now. I have mentioned this aready a few times before, untill now this has always been a weak signal.

The swings are getting bigger and extremer by the day, even by the hour! For me this is a sign of desperation, for the buyers but also for the sellers! A move above 16.200 and 17.200 could bring back some more confidence. If t cannot get above these 2 levels soon, and it would drop below 13.000, than expect to see 10K very fast. For now it's looking quite positive, but it has to stay above 15.000!!

Ideally it drops to around 15.500 to retest the former resistance as a good support. Around the 15.400/15.600 would be a good place to go long on BTC. The mos bullish scenario would be if it would make a bullish flag now, i will draw that in an update. Bitstamp is still falling short, but the difference is smaller now. So maybe a flag would get them closer and pushing them both up after that.

14.800 should be the maximum stop level, but it's best if it stays above the 15.000

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This is what i mean with a bullish flag, the most positive version. Ideally the breakout above 16.200 would be with higher volume! In the last hour the difference between Bitstamp and Bitfinex decreased from 600 to 400/500 points now. For a breakout through 16.200, the difference should be around 300 points max, that's what i have noticed the last couple of days

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This is the Bitstamp chart, the buyers here still do not have the same positive confiction. The differene became smaller, almost 300 points but has dropped back to almost 500 points again. The 16.000 level here is the same as the 16.200 level at Bitfinex, where they are even above now. THis does not give confidence. I am closing my position now. I will but back if they get above 16.000 at Bitstamp!

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Difference dropped above 600 now. I am shorting it now for a short play, with a stop at 16.000(bitstamp)

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I have seen the exact same thing at the ATH of both a few days ago! If it goes through i will close and wait for a small drop to go long again (

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I am out again, just as i thought again. A quick 500 points. A real strange spike up to 15.400, thats a 1000 points in a few second.

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I am not shorting it and waiting to go long if Bitstamp really gets above 16.000, The difference between the two has shrunk to 300/400 points now. Much healthier

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Iam gonna make the same play again, price at Bitfinex is very high, so risk reward is perfect now! Think another small drop will come.

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Already up 400 points, i think more will come. I will try to close around 15.500/15.700. If it turns above 15.400/15.600 i will turn long again. But i do need some sort of confirmation than. I started this analysis with a long position, but i am seeing new and dissapointing signals. But everything above 15.400 is still bullish!!

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I wont be updating anymore, so good luck

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As i had mentioned in my comment below, it was a perfect trade! The second one was also a 700 points win at the bottom, but i wanted to close it around 15.600, but it did not get there. It was a perfect trade, because when i shorted it for the second time again around 16.550, i just knew i got a perfect discount, that even when my stop at 16.000 (Bitstamp) price would get pushed through, at Bitfinex the price would be around 16.350 (as mentioned before the trade. The price at that moment was 16.280. So even though it went through my stop, i still made 160 points. These oppertunities dont come often, but when they do i will use them.

I did not go long from that point. I will try to get in again around 16K

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They are just trying to do it again at Bitfinex, trying to hold it higher, push it higher, and pull all the exchanges higher with them. Difference is getting bigger again. The drop from the top is the smallest at Bitfinex, what a big suprise LOL. I am having doubts about going long around the 16.000. I wil wait for some confirmation first

botje11

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