Bitcoin: BTCUSD Breaking Higher Again - follow with stops
Updated
Bitcoin Coinbase Chart Breaking Higher Again
10:42gmt/05:42est
It's popped the upper parallel and is now in process of trickling
back down the same parallel - so now we need to see a
higher low set on this decline - maybe at 10333-10300 and if
not off the lower dynamic support line...that is the signal we
need to get long again from here. So far this looks OK though
and is trying to turn back up again.
On downside, if wrong, Bitcoin has to break below 10150 on
Coinbase to trigger any further shorts with stops 100 higher if
triggered at any point from here
Latest Update 11:07gmt/06:07est
Bitcoin Coinbase Chart
This is a natural spot for dayt traders who bought the lows to
close out off the first test of the upper dynamic from the
underside at 10550...this next decline has to make a higher low now to
show that the uptrend remains in tact. So far the selling is
light and a break above the upper dynamic should attract
more buyers as day traders get long again once broken.
Follow that break higher if not long already with stops below
10500
10:42gmt/05:42est
It's popped the upper parallel and is now in process of trickling
back down the same parallel - so now we need to see a
higher low set on this decline - maybe at 10333-10300 and if
not off the lower dynamic support line...that is the signal we
need to get long again from here. So far this looks OK though
and is trying to turn back up again.
On downside, if wrong, Bitcoin has to break below 10150 on
Coinbase to trigger any further shorts with stops 100 higher if
triggered at any point from here
Latest Update 11:07gmt/06:07est
Bitcoin Coinbase Chart
This is a natural spot for dayt traders who bought the lows to
close out off the first test of the upper dynamic from the
underside at 10550...this next decline has to make a higher low now to
show that the uptrend remains in tact. So far the selling is
light and a break above the upper dynamic should attract
more buyers as day traders get long again once broken.
Follow that break higher if not long already with stops below
10500
Note
Back on the Bitcoin case after a slack SundayDoesn't look like we missed much as Bitcoin spent a dull day range trading and making no really discernible pattern until the early hours of the new day - more Tokyo drift until 06:00gmt/01:00est and then a break out an hour later at 07:00gmt as early birds in Europe followed Bitcoin higher. That was the kind of pattern we needed to get long again but it just hadn't formed well enough before midnight gmt so there was no way of setting this trade up in advance. If you were around and still awake enough to spot it and buy the break you have finally got some reward for your long night's wait. We were closed out of remaining longs at just under 10700 on Coinbase yesterday and Bitcoin is now trading at 10730 - so although we missed the early break this morning we are still at roughly the same levels we exited at.
It's now consolidating its early gains and appears to be forming a small bull flag now which can be followed higher or bought on dips back to 10730 with stops under 10700.
Bitcoin is still positive - if already long aim to stay that way with stops under 10700 and let's see how far she can run this week
Note
Bitcoin Bitfinex Chart UpdateBitcoin Bitfinex Chart
Wanted to give up on Bitfinex chart but it's proving hard to do...the big rising dynamic was the best/most reliable of the 3 feeds we cover overnight and the early morning 7am gmt break out of the consolidation pattern was very precise and right down at the lower levels...so this is still giving good signals and will therefore be covering all 3 feeds again. Looking to stay long up to 11438 on this feed and close out there/just under if touched later. Day traders are likely to close out at 11240 when touched and in the meantime it can come back to 10860-10840 where it's likely to get bought again. More support building at 10627 line and off the big rising parallel below here. Whilst Bitcoin holds above this dynamic on the Bitfinex chart the overall technical picture remains positive. Bitcoin only flips back to negative if this line is lost at any point from here. Stops for swing longs can therefore be placed below the dynamic by 100 points or so.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.