Bitcoin: BTCUSD Bitcoin Trade Set-Ups from Here
Updated
Bitcoin Bitmex Chart Update XBT
After 36 hours of consolidation Bitcoin has held above the key 7265 level after a spike low at 7243 on this feed and since
then has survived a couple more retests. It's not ready to fall away yet therefore.
Looks as if it will make another attempt to touch 7615 and maybe spike into the uppermost parallel again as yesterday -
this would take it to the the next line of resistance at 7675 at best before it comes off again - unless we see volume rising
fast again at that point.
On Bitmex feed it's still effectively stuck in the range bounded by three lines of important resistance at 7615 and 7683 and
7741 and one line of support at 7265, which now needs extending to cover the spike low.
Whilst inside the range it looks like scalping opportunities at best for now.
Buy on dips towards the 7355 nearest support line with stops just under 7350 looks to be the best option for those looking
to trade this inside the range from here.
For others, an eventual break either side of the range should be worth following more aggressively.
Has to break above 7750 on high volume to follow long looking for 8600.
And on the downside has to break below 7240 on rising volumes for next good shorting opportunity, looking for a
retest if 6819-6792 range where it should bounce again if tested.
But until then it looks like scalping opportunities inside the range.
For more active traders: For Bitcoin updates in real-time please see link at top left of main page
For Continuity: 18th July - Bitcoin Chart Updates
(For all updates since last Bitcoin Update on Tv a month ago can be checked via link at top left of main page)
This is a long update - you can skip most of the BS below by scrolling down to the final paragraph.
We're at a tricky point, or getting very close to it now. So have tried to give reasoning as best as possible below.
Futures
Bitcoin held up just above the 7266 support/stop line and then pushed nearly 300 points higher still to a 7560 high overnight before falling away again.
The upside target on this feed remains the 7615-7756 range but must admit to not really liking the pattern it's making right now however - am thinking of raising the stop to 7419 - which may well get taken. Otherwise stop has to remain under the 7266 line here, as overnight.
Looking for clues to the next move from here.
It looks like a grind higher so far, rather than another big volume green candle about to come. Keeping an eye on the volume itself will help to confirm or negate this.
Without it Bitcoin still stands a chance of spiking to the 7615 line in the nearterm but is likely to come off again if it makes it there - unless volume is rising very fast underneath it.
So upside is 180 or so points probably in the near term and downside is 180 or so to 7266.
So as risk/reward ratio is now only 'evens' either side, staying with this long is slowly turning into an act of bravery and defiance over mere calculation at this point in the game.
So caution is warranted again here.
To add to overhead resistance there's a spooky set of upper parallels forming at the highs overnight.
Was thinking these were a case of pareidolia - the invisible spectre that sits at all TA's tables alongside them.
It's bad enough to see things that aren't really there without spreading them around others. It's like spreading a virus ! Who needs it?
(Unless it's a pattern spotted that warrants further investigation via the chat room - which is what we're all here for in the end, presumably.)
Anyway, these two upper parallels do look as if they are in play now and are holding back rally attempts quite effectively so far.
The volume on Tether is showing roughly half the volume bar to left of chart, the start of the last decent counter rally.
It implies that the rally is running out of upside interest from here.
For more please check the link
After 36 hours of consolidation Bitcoin has held above the key 7265 level after a spike low at 7243 on this feed and since
then has survived a couple more retests. It's not ready to fall away yet therefore.
Looks as if it will make another attempt to touch 7615 and maybe spike into the uppermost parallel again as yesterday -
this would take it to the the next line of resistance at 7675 at best before it comes off again - unless we see volume rising
fast again at that point.
On Bitmex feed it's still effectively stuck in the range bounded by three lines of important resistance at 7615 and 7683 and
7741 and one line of support at 7265, which now needs extending to cover the spike low.
Whilst inside the range it looks like scalping opportunities at best for now.
Buy on dips towards the 7355 nearest support line with stops just under 7350 looks to be the best option for those looking
to trade this inside the range from here.
For others, an eventual break either side of the range should be worth following more aggressively.
Has to break above 7750 on high volume to follow long looking for 8600.
And on the downside has to break below 7240 on rising volumes for next good shorting opportunity, looking for a
retest if 6819-6792 range where it should bounce again if tested.
But until then it looks like scalping opportunities inside the range.
For more active traders: For Bitcoin updates in real-time please see link at top left of main page
For Continuity: 18th July - Bitcoin Chart Updates
(For all updates since last Bitcoin Update on Tv a month ago can be checked via link at top left of main page)
This is a long update - you can skip most of the BS below by scrolling down to the final paragraph.
We're at a tricky point, or getting very close to it now. So have tried to give reasoning as best as possible below.
Futures
Bitcoin held up just above the 7266 support/stop line and then pushed nearly 300 points higher still to a 7560 high overnight before falling away again.
The upside target on this feed remains the 7615-7756 range but must admit to not really liking the pattern it's making right now however - am thinking of raising the stop to 7419 - which may well get taken. Otherwise stop has to remain under the 7266 line here, as overnight.
Looking for clues to the next move from here.
It looks like a grind higher so far, rather than another big volume green candle about to come. Keeping an eye on the volume itself will help to confirm or negate this.
Without it Bitcoin still stands a chance of spiking to the 7615 line in the nearterm but is likely to come off again if it makes it there - unless volume is rising very fast underneath it.
So upside is 180 or so points probably in the near term and downside is 180 or so to 7266.
So as risk/reward ratio is now only 'evens' either side, staying with this long is slowly turning into an act of bravery and defiance over mere calculation at this point in the game.
So caution is warranted again here.
To add to overhead resistance there's a spooky set of upper parallels forming at the highs overnight.
Was thinking these were a case of pareidolia - the invisible spectre that sits at all TA's tables alongside them.
It's bad enough to see things that aren't really there without spreading them around others. It's like spreading a virus ! Who needs it?
(Unless it's a pattern spotted that warrants further investigation via the chat room - which is what we're all here for in the end, presumably.)
Anyway, these two upper parallels do look as if they are in play now and are holding back rally attempts quite effectively so far.
The volume on Tether is showing roughly half the volume bar to left of chart, the start of the last decent counter rally.
It implies that the rally is running out of upside interest from here.
For more please check the link
Note
Been taking a rest from Tv for a while but still updating Cryptos and Global markets via the links at top of main page.But If you find these updates on Tv helpful I'll start doing them again for you here...
Please hit 'interesting' button if so ! Be lucky. Either way ; )
Bitcoin Chart Updates
Bitcoin Tether
NB
The levels are slightly higher on this feed
Bitcoin Bitstamp Feed Update
Bitcoin Coinbase Feed Update
Bitcoin Bitfinex Feed Update
Bitcoin Futures Feed Update
tradingview.com...
Note
Screw this - the pattern it's making is iffy to say the least.Raising stop to 7439 on this long now.
If it's takem so be it. Can use profit as stop on next trade
Note
Bitcoin Bitmex UpdateIt's not exactly rocking it today but it's still a buy around 7370-7355 range with stop under 7350.
The rest stays as above.
Note
Bitcoin Update Bitfinex FeedRaise stop on this long to 7412 - it's looking lame but another 50 or so points is better than nothing if it gets taken now
.
Note
Bitcoin Bitmex UpdateNot much has changed overnight.
It was still a buy on tests of the 7355 line but only for scalps...
If you bought on the second test of this level overnight raise the stop to 7424 for now.
The spikes above price suggest it's still not wanted much above 7500.
The rest stays the same for now, a repeat of the comment above:
On Bitmex feed it's still effectively stuck in the range bounded by three lines of important resistance at 7615 and 7683 and 7741 and one line of support at 7265, which now needs extending to cover the spike low.
tradingview.com/x/YCFx4E3C/Whilst inside the range it looks like scalping opportunities at best for now.
Buy on dips towards the 7355 nearest support line with stops just under 7350
looks to be the best option for those looking to trade this inside the range from here.
For others, an eventual break either side of the range should be worth following more aggressively.
Has to break above 7750 on high volume to follow long looking for 8600.
And on the downside has to break below 7240 on rising volumes for next good shorting opportunity, looking for a retest if 6819-6792 range where it should bounce again if tested.
But until then it looks like we remain limited to scalping opportunities inside the range
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.