Long

Bitcoin: BTCUSD

Updated

Bitcoin: BTCUSD
This should stay fluid for a while yet, giving day traders a
great space to trade in... a break below 6000 for a move back
to 5747 (can take 200 or so points on that long from 10
minutes ago now if you want...just trade from line to line
shown on the chart...we're looking for a double bottom today
to sjow loss of downward momentum and give a chance of
getting long...swing traders too look for a double bottom.
Bitcoin ain't dead or even dying. Opportunity knocks today.
we gotta answer the door. More as it develops.

Trade active

Bitcoin: BTCUSD Upload embargo back on for a while...updates via here for now
Bitcoin is still vulnerable to another sell off from the central parallel - very powerful now as it is junction of the parallel
itself, fixed supoort/resistance line at 6445 and it's EXACTLY where the old dynamic support/trend line now lies (that
supported the entire medium term advance from the summer lows - so strong here...this is the pivot point for the day now.
It's a sell from here with stops above for day traders until it's broken on the upside.... but time moves on and that old
medium term dynamic is moving ever higher so will be at 6515 soon...which can make the area between 6445 and 6515 an
area of indecision and whipsaw...so although 6445 is the key fixed level, will need to see 6515 broken through on upside
before going aggressively long for 400 points to 6944 where it becomes a sell again.
If you've been slick so far over the last 90 minutes you;ll have made about 180 points on downside so far and about 200 on
upside...it's a day traders' paradise right now, nice and fluid.
We're still looking for a double bottom, another test of the
lows, in an ideal world...we may not get it which will be extremely annoying but the chart tells us what to do next, not
the other way around. If w do get another big sell off (we should do, but as above) we'll be looking to get swing traders
in on a long pull long trade later on - and if not and 6515 is instead broken on upside first then swing traders might want
to follow for 400 points to 6944 but close out there. More as this develops...Sunday lunch etc soon so have to leave this
soon ...back later. Be Lucky! Be organised, be brave.

Note

For what it's worth right now, and looking at the bigger picture and pattern developing in first moment of calm since rising from bed, believe that Bitcoin is most likely to bottom at 5098 - a long way down from here - that view will only change if Bitcoin continues to hold up around current values and then turns up and breaks through parallel as described earlier...unless and until we see that Bitcoin is still very vulnerable - don't look to play this long unless 6515 is broken on upside - look for shirting opportunities and use stops to stay safe....can you see the stop? is it close by ? then trade for small loss if wrong.

Note

Just approaching the central parallel now at 6400- 6450 - a sell here with stops above 6530 for now

Trade active

Having to update really fast now...so it should come off from here hard soon - we only switch back to longs if 6515 is broken on upside now, as above, for 400 points and then sell again at 6940ish.

sumastardon

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