Bitcoin Thursday Update The devil fools with the best laid plans. By 22:39 we were looking for a rally to kick in from the lows at 10200 with 3 near term upside tagets in mind, at 10684 and then 10857 and 11180. Then, because Bitcoin never sleeps but unfortunately we do, set a stop on the long under 10400 for overnight - and it was taken out about half an hour later at around midnight gmt at around evens. MOFO. If you were more sensible you left your stop 'under 10270' as per 22:39 update - and Bitcoin then made a secondary low at 10296 line precisely before finally rallying away. A change of nearterm trend at around midnight, as we see so often. So a sensible/good stop was ruined by overcaution due to going into the overnight session and not being able to track Bitcoin live as a consequence. . M any apologies if you too raised the stop. Since then Bitcoin has rallied to the second target overnight at 10857, making high at 10915 on Bitfinex before once more falling away again. You win some and some you just break even. The perils of 24hour trading laid bare. Now Bitcoin is tracking down a new set of parallels after topping out at 06:30 gmt (change of trend again between 05:00 and 09:00 gmt, as so often) in what looks to be another continuation pattern. Looking to buy once price can escape the upper upper parallel to upside - not a spike - a break with some green candles emerging and some pick up in volume (or, more risky, on test of lower parallel at 10296- 10200 range with stops below 10200) - want to see Bitcoin halt and find some support at 10300-10200 range to follow long - otherwise can wait until the upper parallel is broken through on successsful retest from above once broken
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Coinbase Chart Update
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Must apologise for not being able to upload updates here for last few hours - busy on other service - when Bitcoin starts to move fast - which it does only when it breaks down these days, you will have noticed by now - it takes too many extra minutes (just 2 to 3 minutes means an age in Bitcoin-time) to upload here as well as having to service hedge funds beginning to move into the market now. It gets hectic and only have a chance to update here when it gets to a moment of relative calm again. Sorry for that, but hey, it is at least free here. If you need faster updates in pretty much real time please check out the top left of sumastardon page for more details.
Back on the case: Bitcoin has made a head and shoulders pattern with a downside target at 8837 - back to selling rallies until the target is achieved for now. This will others looking to buy at 'bargain'values a much better chance if they can watch and wait. Today's recent updates 07:07est Bitstamp This feed still makes the coolest technical patterns out the 3 feeds we follow. A mass of spikes right off the underside of the break line - kind of clear isn't it? Bulls win at 1307 and above - bears still win below here - so close....hence we wait if not speccy short already with stops above 10315 here
07:10 est Bitstamp What is so amazing technically is that THIS current neck-line operating is the SAME neckline that triggered the bull call to 12200 if you remember that far back still...the same mofo. How cool is that
07:47 est FFS. At least we didn't get sucked into the fake in rally but did get suckered out of the short depending on how high above 10315 you had stops. The high of the rally was 10330 or so ...need to warn newer members of this sometimes fatal flaw - which is trying best to keep stops tight for newer traders so they don't end up with stupid losses when Bitcoin suddenly (within an hour, which is an age in Bitcoin-time) flips direction by 5%. But the flip side of this deal with the devil is that the stop is set TOO tight - usually by 10 to 50 points - that is my major fault/weakness/flaw. You need to know that and remember it - so why not just widen the stop anyway ? Well that would be too easy ! I want to give you the key levels as best as possible - you need to calibrate the sights on your own rifle to adjust to this flaw - and if you do you will find you hit the head pretty much bang on. Pink-mist moments in sniper-speak. The best. Anyway if you were an older member you will already know all this and so hopefully will be short already...with a more sensible stop . That was a head and shoulders by the way. That was close to a head shot too.
08:11 est Bitstamp Feed Parallels workinghere and Coinbase good...so far 6th strike
Bitstamp with Old REverse Hand S now forming a real-ime Hand S with SAME neck-line - rare - text book stuff - kind of like a technical unicorn. Very very cool. If you like this kind of phenomena. Bitstamp Head and Shoulders
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