Bitcoin: BTCUSD Running on Empty - needs buyers - don't follow
Bitcoin: BTCUSD So far only Corrective/Continuation Running on Empty
Bitcoin has at least rallied from the double bottom fake-out low this morning in London but the rally has been feeble so far.
Since the low it's formed another little parallel with a bearish upslope, though it does at least have a few pin bars forming
off the lower parallel, showing some interest at lower levels.Any green bars quickly hit as the upper parallel is hit as
Bitcoin lies trapped in a narrow range too tight to trade even by day-traders now as mean spreads stop the thing almost
dead as this is written. It should still grind higher but this is ridiculous now. WTF at 7178? If long be careful, unless we see
some green bars emerge soon this is going to fail again. Get out on a break below lower parallel or on test of 7274 if it
stays above the parallel from now for 200 points profit if we see it. Only a big green candle is going to save Bitcoin now... It's back in the balance...it really needs a push here. And if it does now fall out of the parallel it's probably time for day
traders to start selling too, initially back to 7070-7060 and then harder still if 7050 gives way back to critical support at
6960-6930. As before, this range is last-gasp support for Bitcoin. Any fall below 6900 should be followed by swing
traders not too burned by yesterday's debacle, with a stop just above 6960 for a collapse back to 6312 at least and
potentially to 6165.
Bitcoin has at least rallied from the double bottom fake-out low this morning in London but the rally has been feeble so far.
Since the low it's formed another little parallel with a bearish upslope, though it does at least have a few pin bars forming
off the lower parallel, showing some interest at lower levels.Any green bars quickly hit as the upper parallel is hit as
Bitcoin lies trapped in a narrow range too tight to trade even by day-traders now as mean spreads stop the thing almost
dead as this is written. It should still grind higher but this is ridiculous now. WTF at 7178? If long be careful, unless we see
some green bars emerge soon this is going to fail again. Get out on a break below lower parallel or on test of 7274 if it
stays above the parallel from now for 200 points profit if we see it. Only a big green candle is going to save Bitcoin now... It's back in the balance...it really needs a push here. And if it does now fall out of the parallel it's probably time for day
traders to start selling too, initially back to 7070-7060 and then harder still if 7050 gives way back to critical support at
6960-6930. As before, this range is last-gasp support for Bitcoin. Any fall below 6900 should be followed by swing
traders not too burned by yesterday's debacle, with a stop just above 6960 for a collapse back to 6312 at least and
potentially to 6165.
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