BTCUSD: Bitcoin - Clear and Still Present Danger
Updated
BTCUSD Bitcoin
Must apologise for rubbish call yesterday and no follow up.
Was expecting a period of light relief over the weekend. No
such luck. The spike that came shortly after the match had
finished was a big one and the ensuing rejection period
flipped Bitcoin straight back down to the lows again and
triggered a short from 7399 as it broke below here.
If still short here can either close out again for 90 or so profit
but ready to short again on a break below 7200 - it may only
reach 7162 at first and try to rally back to 7200 but once this
is broken below it should decline in stages back to 6615-6517
range.
But in the nearer term Bitcoin is trying to rally again - it's still
thin and treacherous and still cannot trust this counter-rally
even though it can push higher again from here.
There's a good spike off the lows today so it looks like another
continuation pattern is forming now. But there is no upside
here worth contemplating so far except for brave day traders
who may wish to follow a break above 7350 on Bitfinex
looking for 7467 and maybe 7540 at likely best before it
comes off again.
Otherwise we have to wait - again - for that probable break
lower, when and if it eventually arrives.
Patience. A virtue. This is the lesson of 2108.
2017's watchword was HODL. 2018's is PATIENCE.
We have to learn it and adapt to change.
Not what anyone really wants to hear. But it's true nonetheless
Must apologise for rubbish call yesterday and no follow up.
Was expecting a period of light relief over the weekend. No
such luck. The spike that came shortly after the match had
finished was a big one and the ensuing rejection period
flipped Bitcoin straight back down to the lows again and
triggered a short from 7399 as it broke below here.
If still short here can either close out again for 90 or so profit
but ready to short again on a break below 7200 - it may only
reach 7162 at first and try to rally back to 7200 but once this
is broken below it should decline in stages back to 6615-6517
range.
But in the nearer term Bitcoin is trying to rally again - it's still
thin and treacherous and still cannot trust this counter-rally
even though it can push higher again from here.
There's a good spike off the lows today so it looks like another
continuation pattern is forming now. But there is no upside
here worth contemplating so far except for brave day traders
who may wish to follow a break above 7350 on Bitfinex
looking for 7467 and maybe 7540 at likely best before it
comes off again.
Otherwise we have to wait - again - for that probable break
lower, when and if it eventually arrives.
Patience. A virtue. This is the lesson of 2108.
2017's watchword was HODL. 2018's is PATIENCE.
We have to learn it and adapt to change.
Not what anyone really wants to hear. But it's true nonetheless
Note
Bitcoin is so boring but lame - cannot run far now but there could be a beartrap forming down here - just takes a school of whales to attack ona quiet Sunday to flip this higher and ping bear stops above and then collapse again.Be very careful here - try to stay away from the cookie jar for now at least. This still looks vulnerable for sure, but bots and whales might just want to mess with bear heads a while longer and try try flip them out if possible.
Note
Bitcoin In the DoldrumsPretty calm before the next storm arrives - and it may only be a squall when it does - volumes so thin, no wind behind or even in front. Horrible bot infested waters.
A break above the upper parallel should trigger longs looking for 7467 and maybe 7540 at likely best before it comes off again.
But there is no interest evident and in its absence it has take the other alternive until buyers can be found again.
The overall pattern is still negative - a break below 7200 here needed to turn aggressively bearish again.
It may only reach 7162 at first and try to rally back to 7200 but once this is broken below it should decline in stages back to 6615-6517 range. Be careful today in thin conditions - need to volume come in behind us or get out again if it doesn't arrive. Don't hang around hoping - if it ain't there pretty damn quick then recognise it, accept and act.
Otherwise relax and take time out and think about that word: 'ADAPT'
More on that next update
Bitcoin Bitfinex Update
Bitcoin Bistamp Feed Update
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.