Bitcoin: BTCUSD Ride this Tiger now
Updated
Bitcoin:BTCUSD Ride It now and let's see where it takes us next...
So far, so good...low at 7332 so no stops should have been hit
with the cavalry arriving just in time...so now for Bitcoin's next trick...pin bars from thenew high show there's some
serious profit taking going on and it should come back to the
break-out level yawn, in text-book fashion again? Surely this
has to do something bad soon...it's just being too sweetly
behaved...anyway despite being a little taken aback by it's
sweet nature today we should stay long, I believe ...it can
come back to test the old trend line again from above bit it
should hold up...it's overbought and needs to unwind some. If
it can hold up now you could end up very rich from today's
trade....just hold it until you see it getting mentioned on the
FRONT page of your newspaper (not electonic, real) - time,
as always, will tell
Over and out - And Good luck from the man in the white hat!
So far, so good...low at 7332 so no stops should have been hit
with the cavalry arriving just in time...so now for Bitcoin's next trick...pin bars from thenew high show there's some
serious profit taking going on and it should come back to the
break-out level yawn, in text-book fashion again? Surely this
has to do something bad soon...it's just being too sweetly
behaved...anyway despite being a little taken aback by it's
sweet nature today we should stay long, I believe ...it can
come back to test the old trend line again from above bit it
should hold up...it's overbought and needs to unwind some. If
it can hold up now you could end up very rich from today's
trade....just hold it until you see it getting mentioned on the
FRONT page of your newspaper (not electonic, real) - time,
as always, will tell
Over and out - And Good luck from the man in the white hat!
Trade active
Last Word on Bitcoin for a while, hopefully...We've been on the hunt for this fabled monster all day,
looking to tag it, bag it and stick in the freezer and forget
about it until we happen to see a newspaper with BITCOIN
MADNESS printed all over the front page...such things are
dreams made of.
One problem: we got it tagged. we got it bagged. but it ain't
in the freezer yet. To make that claim, Bitcoin has to stay
above the trend line now, ideally, for a stress free ride - and
not fall much below 7420 to stay good...below here the next
support is at 7350, then 7308 and 7287 closeby...it really
shouldn't come below the trend line, as we know...it would be
OK to spike down to 7350 and even 7287 if it quickly regained
its equilibrium and created a spike from below...but it better
not bust below here. day-traders will use a stop just under
the trend line. Others below 7270 to lock in at least 170 and
up to 260 points from today's trade, even if it does go wrong.
If it does go tits up from here it could be spectacular, so use a
stop until we know that trend line is going to hold up for good
this time around. Good Luck !
Trade active
BITCOIN: BTCUSD Still on 10 max upload limit - Just hope you get this notification...FFS! Not very sure how Tradingview notifies followers of a new update once the 10 uploads per day has been reached...
After hitting the limit last night I realised 15 minutes later that although we'd landed the leviathan, pretty much tagged
and bagged it, it still wasn't in the freezer yet. So hurriedly wrote a final piece, left on chart, and had to send it as an
added comment at end of text on the final chart I was allowed to upload last night, when Bitcoin was back down at
7500 from the spike high. So was wondering how many of you actually got the notification ? And also, if you don't get
notified of an update to an open position how do I get a message out to you in good time? Right now this is really
frustrating ...why am I doing this at 8.30 on Sunday morning if not to try and guide 'followers' through the minefield
surrounding Bitcoin (pardon the pun) ? So please could you message me back to 1. Tell me if you received notification of
last night's "Last Word" or not and 2. If you didn't get a notification then how the hell do I fix it so you do? This is
driving me nuts, way more nuts than Bitcoin ever does! Please respond. In desperation, Dan.
Anyway, we still need to get this fat fish in the freezer, if we can...it came off as low as 7275 overnight...day-traders will
have have exited around current values (7420) last night as Bitcoin broke back below that dominant trend line again,
forcing price back to 7275 low before rallying again. The stop was left below 7270 for longer term traders so it came damn
close but we havn't been struck out of the game yet. The lines of fixed support have worked out surprisingly well too over
the course of the night and should have been helpful for day-traders... so we have the fish close by the side of the boat
now, can we haul it over the side and finally slam it in the freezer? To make that claim Bitcoin needs to clear 7500 and
hold...day-traders who sold out yesterday andbought back around the 7275 lows with stops just under 7270 will now be
looking to close out, in fact ,have obviously been doing that since 1am est roughly.... there is clear and obvious congestion
here...it could well move sieways between resistance beginning at 7476 up to 7500 and support off the first fixed
blue line on chart at 7346 for a while...it's a near term sell off the top and a buy off the blue line...stops can now be raised
to 7330 for day traders but must stay under 7260 for swing traders for now. Some might prefer to take profits here, at
around 7477 right now, and then avoid any backing and filling sideways movement, or even run a super-tight stop at 7400
(just under). Whatever, Bitcoin MUST find enough power and momentum now to push higher, through 7500 and onwards.
Only then can we claim we've got this monster locked up, sliced and diced and make sushi with it.
So you can close out close to the highs and get ready to recommit once 7500 is broken or stay long but use a stop,
depending on risk profile. Be aware that Bitcoin is still capable of snapping and highly vulnerable to further profit
taking off the highs...sellers there need overwhelming with buy orders, obviously, to force price higher. We need to stay on high alert
Trade active
Bitcoin UpdateNow tracking a new parallel running below that old trend line from yesterday, picking up the lows and can come back down
to 7450 and a little lower to the new parallel... am still on uplaod limit for another hour or so..day traders are closing
out and looking to get back in around 7456 and on down to the new parallel ...looks OK but a bit more sideways
movement between new high at 7573 and and back down to 7435 maybe in order before it should take off again. Great for day-trdaers here. in this range for a while. Swing traders can raise stops now to just under 7330.
This thing is almost in the freezer now...looking for the old high area at 7450 and 50 points below to hold up on next test
before claiming this scalp.
Trade active
PS You can draw that new parallel under yesterday's dominant trend line which picks up the lows today very sweetly ...dead parallel (just two tiny violations) 15 minute cart is good. Damn, we're close now to shutting the freezer lid on this...just need that retest of the old high area back down to the parallel to hold up when it comes... cannot get complacent yetTrade active
Bitcoin Update The Shape this is ThrowingSo far, the parabolic shape Bitcoin is making remains very encouraging for the future. If it can now hold up today
between the old high area at 7450 and the new parallel , now at 7425 between now and Tokyo and China opening we could
see some spectacular gains...it just has to hold up now...
Stops for day-traders remain under the parallel by 20 points
or so for now and under 7330 for longer term holders for now.
The last massive surge from 6000 to 7350 came from the East.
They like break-outs - if we hold up today as above Bitcoin could begin to fly higher, substantially higher. $15,000 looks
like the next big number: 2, 3, 5, 7.5, 15 - let's see.
But we still need to get through today: depends how involved
you want to get from here...it's still in corrective mode just trading between the high and a recent low at 7474...but WOW
the shape here, if the highs get taken out later on here and early in China. Suggest increasing holdings if and when
(hopefully) the high is broken again aat 7577 - whether that happens soon or later. Use a stop under 7450 and it won't get
hit. Good Hunting, once more, with way more potential upside once we see a break above the highs than yesterday.
Be Lucky.
Trade active
Message to the less experienced...you need to check out and study break outs if you haven't already done so...it's nature..is it aggressive, see China break on Bitcoin from 6000 to around 7450 ? Or is a fake-out, where the imaaginary men in black suits and sunglasses take the thing in question to a new high by just a few pips or points (in Bitcoin's case) and then the feeble rally stalls and it starts to come back off below the breakout level by more than a few points (more than 30, 50 max in Bitcoin's unusual case) - if you that kind of price action you need to sell back into the next rally if you then see it sticking and having a problem getting back above the breakout level...it hurts but not as much as a double top does if you leave it and hope! And to add insult to injusry it might now stooge around a little under the original break level and then break up again...only follow it thenif you see a what looks like a strong surge 15 points higher still...on next minor pull back.
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