BTCUSD Bitcoin Next Swing Trades From Here
Updated
Bitcoin Chart Updates
XBT
A slow weekend of range trading has given way to an equally slow start come Monday.
It's held up well through Saturday and Sunday but here is still no intererst above the 8298 line as yet.
Spikes of desire off the 8070 line and rejection spikes above of equal dimensions from the 8298 line show equal indecision here at these levels.
Unless day trading within this range it means swing traders have to wait a while longer for a resolution to the on-going fight between the two battle-lines that have been laid down through the weekend.
A break above 8300-8315 range is needed on the upside on rising volumes to follow long again looking for 8576 initially.
Then has to break above 8600 from that point to trigger another long shot to 8884-9020 range.
Next resistance levels above here lie at 9388 and then 9898.
And on the downside Bitcoin has to break below 8080-8050 for the bears to win this long drawn-out battle and to follow short back to 7788 initially.
There's a second support level at 7661. A break below here should be worth following back to 7347-7209 range.
Then there's a bigger break on any fall below 7200 back to 6792.
Wave Counts
How many waves up have we had? 3 or 4 from the low.
If it's the 4th for sure then this rally is already getting past its sell-by date.
If it's the 3rd it means we could still yet see a 4th.
Hence this only adds to uncertainty.
However, if we've had 4 and it now breaks below the 8080-8050 range it's unlikely to just fall away to 7788 and then bounce away again. There will most likely be 3 or waves down - so swing traders can short from 8050 with stops above 8080 and let it run.
Upside strength from here is not so certain.
Look to scalp the break if it comes on the upside later.
We need volume to come in behind us as usual to know the break is good.
XBT
A slow weekend of range trading has given way to an equally slow start come Monday.
It's held up well through Saturday and Sunday but here is still no intererst above the 8298 line as yet.
Spikes of desire off the 8070 line and rejection spikes above of equal dimensions from the 8298 line show equal indecision here at these levels.
Unless day trading within this range it means swing traders have to wait a while longer for a resolution to the on-going fight between the two battle-lines that have been laid down through the weekend.
A break above 8300-8315 range is needed on the upside on rising volumes to follow long again looking for 8576 initially.
Then has to break above 8600 from that point to trigger another long shot to 8884-9020 range.
Next resistance levels above here lie at 9388 and then 9898.
And on the downside Bitcoin has to break below 8080-8050 for the bears to win this long drawn-out battle and to follow short back to 7788 initially.
There's a second support level at 7661. A break below here should be worth following back to 7347-7209 range.
Then there's a bigger break on any fall below 7200 back to 6792.
Wave Counts
How many waves up have we had? 3 or 4 from the low.
If it's the 4th for sure then this rally is already getting past its sell-by date.
If it's the 3rd it means we could still yet see a 4th.
Hence this only adds to uncertainty.
However, if we've had 4 and it now breaks below the 8080-8050 range it's unlikely to just fall away to 7788 and then bounce away again. There will most likely be 3 or waves down - so swing traders can short from 8050 with stops above 8080 and let it run.
Upside strength from here is not so certain.
Look to scalp the break if it comes on the upside later.
We need volume to come in behind us as usual to know the break is good.
Note
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