Bitcoin: BTCUSD Last Post That's another pin bar formed on the 2 hour chart showing quite aggressive buying lower down...can't deny it's still in danger whilst trapped under the parallel but price action shows sellers are being absorbed now at ever higher prices. It can still fail at any point whist under that parallel but even from here do not want to get tempted by a short due to the danger of whipsaw - still evident by that recent pin bar. So the waiting game continues - but now accepting that this really could go either way...it's Bitcoin. It really is possible to still escape...the Head and Shoulders pattern is not complete, and won't be unless 6910 gives way. Therefore need to be prepared for break either way, looking at it 50/50 now and trying to stay prepared for a break either way, as per previous comment. One last point: for Bitcoin to make another break to the upside and defy the bears just when it looked like a big bear raid was building momentum would be a hell of an escape act and should propel it considerably higher still as a result - so whichever way this breaks should be worth following, hopefully without getting stopped out this time around. Be lucky, especially with stops.
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Fabulous bear engulfing break out...raise stop to 7330 to trap profits
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BITCOIN: BTCUSD Fantstic bear engulfing green candle out of the parallel which had to be followed...stops pinging left right and centre as all those convinvced Bitcoin was about to implode by the chart pattern had to buy back again. This is Bitcoin. The Head and Shoulders came close to triggering by breaking the neckline at 6925, but never did. Bitcoin lives to fight some more. We need to raise stops now to protect profits on the move/entry point from 7137...raising to 7340 for now. It's rather overbought and if it comes off from here will probably fall lower for another shot at getting long if we get stopped out here for about 200 points profit.
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Typo: stop should be just under 7330 for now
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Embargo back on - too many uploads
Bitcoin is currently dancing between the two fixed lines of support at 7350 and near term resistance at 7456 trying to unwind a near term overbought condition...it's doing very well so far...obviously if Bitcoin can hold up on that first support line at 7350 it's still very strong. And if it fails and the stop is taken out we'll look to buy back at 7270.
Fantstic bear engulfing green candle out of the parallel which had to be followed...stops pinging left right and centre as all those convinvced Bitcoin was about to implode by the chart pattern had to buy back again. This is Bitcoin. The Head and Shoulders came close to triggering by breaking the neckline at 6925, but never did. Bitcoin lives to fight some more. We need to raise stops now to protect profits on the move/entry point from 7137...raising to just under 7330 for now. It's rather overbought and if it comes off from here will probably fall lower for another shot at getting long if we get stopped out here for just under 200 or so points profit. Bitcoin is currently dancing between the two fixed lines of support at 7350 and near term resistance at 7456 trying to unwind a near term overbought condition...it's doing very well so far...obviously if Bitcoin can hold up on that first support line at 7350 it's still very strong. And if it fails and the stop is taken out we'll look to buy back at 7270.
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