Bitcoin: BTCUSD Grinding Higher within the Parallels
Bitcoin BTCUSD Thursday Morning
Stopped out of the long for 9 point loss overnight at 8172.
Bitcoin is now trading at 8171 after a high at 8282 on Bitstamp.
It's left quite a big rejection spike off the upper rising parallel
of the continuation pattern it's been hammering out since
yesterday's lows - it's just breaking the first litttle dynamic
here as this is written and should find support off the lower
parallel and try to rally again from here.
It is doing, leaving a spike under price now as well as above.
Which signals indecision and range trading inside the rising
parallels for now.
The spikes are making it difficult to trade at this point - but
it's grinding slowly higher and is still positive above 8160 and
more likely to push higher still to grind down the bears - but
it's a battle with sellers likely to appear again between the
8213 line and the line above it and buyers at 8170-60, causing
whippy trading conditions.
But the near term bias is still up towards the upper parallel
and eventually to the 8418 line.
Downside from Here
It has to break below the small rising central parallel to
trigger another decline 90 point decline to 8074-8058 and the
lower rising parallel where it should bounce again. We then
need to see a break below the 8058 line to short again back to
7820-7800. A break below 7750 would in turn trigger another
short to 7562.
Stopped out of the long for 9 point loss overnight at 8172.
Bitcoin is now trading at 8171 after a high at 8282 on Bitstamp.
It's left quite a big rejection spike off the upper rising parallel
of the continuation pattern it's been hammering out since
yesterday's lows - it's just breaking the first litttle dynamic
here as this is written and should find support off the lower
parallel and try to rally again from here.
It is doing, leaving a spike under price now as well as above.
Which signals indecision and range trading inside the rising
parallels for now.
The spikes are making it difficult to trade at this point - but
it's grinding slowly higher and is still positive above 8160 and
more likely to push higher still to grind down the bears - but
it's a battle with sellers likely to appear again between the
8213 line and the line above it and buyers at 8170-60, causing
whippy trading conditions.
But the near term bias is still up towards the upper parallel
and eventually to the 8418 line.
Downside from Here
It has to break below the small rising central parallel to
trigger another decline 90 point decline to 8074-8058 and the
lower rising parallel where it should bounce again. We then
need to see a break below the 8058 line to short again back to
7820-7800. A break below 7750 would in turn trigger another
short to 7562.
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