BTCUSD Key Levels Saturday
Updated
Saturday 14:11 gmt 11:11est Bitcoin Bitmex Chart Update: Key Levels Saturday
Back to Black - cannot see wicks as clearly on white background :(
Yesterday's price action was tricky to say the least. Lost 5 points on the first short and then another 15 on a long above
6545 before at last capturing 140 or so points on the final short from 6535 to 6395 overnight. Hard hard work to net just
100 or so points after costs. Sometimes it's hard and sometimes it's surprisingly easy (like last weekend's 740 point
win) - the important point is to limit losses when the call goes wrong whenever possible.
Since then Bitcoin has made an overnight low at 6387 before counter-rallying within a continuation pattern that's been
running for 11 hours now since the midnight gmt/19:00 est low.
It's a sell once the lower parallel of the pattern is broken but the first support line is close by at 6428 and this may create
another mild bounce.
It's a slow and tricky market right now and although it should fall away more on lack of interest it's hard to be gung-ho right
now about downside - but a break below the 6428 line which it is now close to testing should flip it back into bear hands
again back to 6370 - but will need a volume spike from here to trigger a bigger decline back to 6317 and then 6236.
Be careful with stops and if no volume comes in at 6370 move stop close behind it rather than hoping. These are thin and treacherous conditions as we saw yesterday. The best we can hope for is scalps most likely.
Looking at upside from here, have no real interest in buying right now until we get a better signal.
*For updates in real-time please check link at top-left of main page.
Back to Black - cannot see wicks as clearly on white background :(
Yesterday's price action was tricky to say the least. Lost 5 points on the first short and then another 15 on a long above
6545 before at last capturing 140 or so points on the final short from 6535 to 6395 overnight. Hard hard work to net just
100 or so points after costs. Sometimes it's hard and sometimes it's surprisingly easy (like last weekend's 740 point
win) - the important point is to limit losses when the call goes wrong whenever possible.
Since then Bitcoin has made an overnight low at 6387 before counter-rallying within a continuation pattern that's been
running for 11 hours now since the midnight gmt/19:00 est low.
It's a sell once the lower parallel of the pattern is broken but the first support line is close by at 6428 and this may create
another mild bounce.
It's a slow and tricky market right now and although it should fall away more on lack of interest it's hard to be gung-ho right
now about downside - but a break below the 6428 line which it is now close to testing should flip it back into bear hands
again back to 6370 - but will need a volume spike from here to trigger a bigger decline back to 6317 and then 6236.
Be careful with stops and if no volume comes in at 6370 move stop close behind it rather than hoping. These are thin and treacherous conditions as we saw yesterday. The best we can hope for is scalps most likely.
Looking at upside from here, have no real interest in buying right now until we get a better signal.
*For updates in real-time please check link at top-left of main page.
Note
Bitcoin UpdateSorry it looks like that last update went out about 1 minute too late at best - too busy on website stuff to update earlier and mugged off by 60 seconds or more.
Anyway Bitcoin has now come back to 6370 level after a low so far at 6368 - cannot be shorted again until 6368 breaks as above.
In very near term it's a mild speculative buy at best - but am still not interested in buying so far.
Note
Bitcoin Chart Updates ChartBitcoin came back to 6368 on Bitfinex and Coinbase but only to 6377 on Bitmex.
Coinbase low at 6371
Bitmex Chart
Low here was only 6377
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