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BTGUSD: Vulnerable to next correction nowBTGUSD Last comment was 6 days ago, back in the mists of time now. In the ensuing 6 days BTG has knocked out some patterns other 'stocks' take 6 months to achieve. Cryptoland is another planet, a whole 'nother world. We were buying this at 212 6 days ago and locking in last profits at 250ish before the decline gathered momentum, only because the chart told us to. If you follow the chart and not your weak/strong heart you will stay out of trouble a lot more often than by following your sometimes emotionially unstable heart. It becomes unstable under pressure and gets too damn strong when price surges. It's unstable, no? Ask yourself, does your heart do this to you? Well congratulations: you're HUMAN ! So if you know this anyway already all this will do is confirm what you knew already - but sometimes find it hard to do...follow the chart and never your heart. On repeat, like a mantra...patterns not passion. Patterns not passion. So easy to say and so difficult to do sometimes when price comes back at you from underside once broken. But your heart must be mastered. You are in charge of it, not vice versa, after all. So BTG has just had it's little counter-rally on back of Bitcoin doing the same and now it's likely time to fall away again, to 216 -210 minimum - and if this gives way, to 193, with stops justa few points above the upper parallel for smallish loss if wrong. BTG only turns back to positive once the parallels containing this impulse wave are broken through to the upside. Only then can we return to bullish, looking to get long on the retest of the upper parallel once broken to the upside. Only then does BTG flip/reverse, and we must too if the chart gives that signal.
BShort
by sumastardon
7
BTGUSD Full rinse out - ready to go again ahead of weekendBTGUSD Full Rinse Out Ready to go again Back in the buy zone ahead of weekend- it's been to the lows at 193 where it was an outstanding buy and may present another opportunity either from lower down again towards 193 or alternatively once 212 has been regained and holds for a few minutes. The 191 level must hold up today to avoid further significant weakness back to 151 (a good short/reversal level for longs if we see it)
BLong
by sumastardon
1
Bitcoin: BTCUSD Breaking out againBitcoin: BTCUST : Update 1.6666 high reached Friday. The same day that the Times (London) printed their first Bitcoin story on their front page. Bitcoin reaches mums and dads. Even they know what a Bitcoin is now. The same weekend Bitcoin tops out and loses just under 4000 points. On Sunday morning as the world sleeps at 7.30 am London time Bitcoin triple bottoms at 13110. Just 27 hours later it's 3400 points higher, back probing the highs and looking increasingly ready to break higher again soon. Having broken above a rather loosely defined continuation pattern just under the highs, using he support lines now with uncanny precision as it consolidates again in high ground before pushing higher still. This could be at 20k by morning, just stay long and if not long already try to get long with stops under 16400 for small loss if wrong from here (70 points)...look for a rally to the upper parallel. If the stop is taken due to lack of thust in near term we will look to buy again on any retest of the dynamic support line across the highs today with stop 100 below. (more coming) *slung back in the slammer again - this time for 3 painful days, for uploading a pretty Bitcoin chart without actually changing the chart - because it didn't need changing - but that's another rule broken and the mediators show no mercy to the ignorant. So do you remember how messed up Steve McQueen looked when he finally got out of solitary in Papillon ? Not good. This medium has the potential to be so good but is slightly flawed for sharing up-to-second trading information if trading Bitcoin full-on. Best ideas very welcome. Bitcoin is about to create 1000's of new jobs. Every investment house with an eye to the future as opposed to the past will be starting to run Bitcoin desks once futures start trading...more and more will join until the trickle becomes a flood. Except for Morgans, who we have to accept could well have he last laugh one day. But until that arrives more and more houses will need desks and people to run them: traders. Where will these suddenly appear from? Who has any real experience of the crypto markets? You guys reading this, some of you anyway...some of you will be able to pull down some unbelievable jobs over the next few months if you want to, that is. Some funds and firms will pay massive win bonuses for discretionaries - it would be so excellent if some of you go on to do that at some point. The only really big 'reveal' that you need to keep in mind. the thing that separates you from traders in other, quieter markets, is that pattern is more important than price in cryptoland. You can argue the same applies everywhere to an extent and be right. But it happens almost all the time in this market. Many old-school traders won't be able to adapt. They will need fresh blood...you? Bitcoin is about to start creating 1000's of new jobs in the 'real' world, outside of mining itself, on top of the many that have been lucky enough to spot a trend and just ride its coat-tails to the point of it going mainstream at least...the point where we find ourselves right now.
BITSTAMP:BTCUSDLong
by sumastardon
BTGUSD Back in the buy zone againBTGUSD Was banned for 24 hours for posting a text wall yesterday so was unable to update this - which was a pity because that little continuation pattern running down the parallel when we left it was so well defined, just backing and filling - it needed a new line over the highs as it ran down the parallel to redefine the perfect trigger for beakout... and when it came it was excellent quality, big green bear engulfing candle, again, all the things we want to see when trading a breakout. Not allowed to get to this to update, the trigger here was left at 308 for a move up to 320 minimum...in fact it shot though here and spiked into the top parallel over a 3 hour period at 339 ...from al ow at 280 to a high at 339 in 6 hours - 20% in 6 hours! Unbelievable what these can do in such a short space of time. Now it's a buy again on any dips back to 300 - it should rally to 320 minimum again and more likely to test the same larger parallel at around 330 now that it hit earlier today before coming off again
BLong
by sumastardon
Litecoin LTCUSD Testing important resistance: raise stops againLitecoin/Dollar LTCUSD Litecoin Dollar LTCUSD Testing important resistance at the old highs and so far standing up well. Once again it needs buyers here to push it out of the reach of bears at current levels. Litecoin found buyers exactly where it needed them and has since pushed 5% or so higher. The longer term chart (left) shows price straining against the old high , but actually it's sitting right on top of it, trying to pin it down and use it as support. It's doing well so far but the shorter term chart shows price getting squeezed into a narrowing funnel where a decision has to be made quite soon now...it either pops above the upper dynamic and makes a run for 109 - amazing, but possible, even though it seems unlikely. The Dow and Nasdaq have done exactly that this year already, so it can't be dismissed as outrageous altogether. But, on the other side of the coin, there's also a 50/50 chance (probably 60-40%) that price will lose the support of the lower dynamic and then fall back to 89 at least.This wave of buying has seen 4 smaller waves running inside the funnel, each one getting smaller in size, which is hinting at potential exhaustion here, a natural place to encounter profit taking. Suggest raising the stop on longs to a little under the dynamic support if day trading, and increasing longs if the upper resistance line can be broken through and survive any retest. swing traders can keep their stops at 88 for now.
BITSTAMP:LTCUSDLong
by sumastardon
DXY Dollar Index Close to collapse againDXY Dollar Index Close to collapse once more The last rally was 77 pips. this one at 93.27 high is the same. DXY will either fail here, the most likely spot, or at 93.49, just 22 pips higher. It should fall away by 2.4% to 91.05. Good for EUR gold, silver, copper longs and baby Alts who need a break and maybe oil too for the next few days. Asusual about 3 wise men will read this comment. It's probably one of the most important there is. Sensible you:)
TVC:DXYShort
by sumastardon
Bitcoin: BTCUSD Getting Real Interesting againBitcoin: BTCUSD Update Getting Interesting Again Now If you held your stops under 7660 as advised at start of weekend the 7717 level has proved a good entry point. However even if stopped out like me for 30 point loss after spending the weekend fishing, losing bait and cursing and never getting a chance to buy from lower, at least now, after breaking above the upper parallel sucesssfully on second attempt (but not hitting stops placed under 7700) we finally have a decent long trade on from 7790 highest. That bear engulfing green candle just now wiped out 34 hours of sideways movement in 30 minutes flat. This is still strong. No sellers. Just a few buyers... we should see another test of the highs very soon. Depending on risk profile and if long from 7717, either close down at 7980-8000 range and be ready to buy again on break above 8020 (using 100 points + profit from this current long as stop for next trade). If it works out you compound winnings so fast it will make your head spin. If wrong you and stop gets hit once it busts above 8020 you break even. Or you can hold the current long and just watch at 8000...if it sticks (before China opens it could do) close out but be ready to recomit later. This could be explosive (and could also be a complete damp squib) . But you'll never win unless you're prepared to play. Good Luck to all those that do.
BITSTAMP:BTCUSDLong
by sumastardon
2
Bitcoin: BTCUSD On the brink of breaking down againBITCOIN: BTCUSD OWN IT Momentarily neutral with negative undertone taking over Just realised what looks a very costly mistake on my part, definitely not the chart's, which hasn't really given a bad/false signal for while now. This is my bad, so I have to own it, like sack-cloth... I said in an earier comment (here,left) that we could move the stop up on longs to ''about 6490 and just under'. Firstly, this was just straight-out dumb, knowing that the key support and pivot for the day is 6450 (it extends as high as 6477 but 6450 is the pivot, by look of chart). Since then the low 6477, so if you happened to stick a stop right under 6490 it will have been taken. Abject apologies. I'd been updating on the cryptocurrency page on Tradingview and had mentioned 6450 as key support and and this carried over into the last comment which assumed (in slightly wired state due to lack of sleep chasing this monster) that everyone already knew that 6450 was the last-gasp support for bulls today. So, conflicting comments with the last one assuming stops were under 6450. Just dumb, overtired idiocy. Will try to be more accurate/thoughtful with wording regarding stops (as previously mentioned the bane of all traders). Day traders will have exited on the break below the lower parallel and other longs with stops anything up to the usual 50 points under a key support level will still be long but sweating now. So now we need to redress matters. It looks to be deteriorating again and will have to scramble higher from here quickly now to escape unravelling again. The 6450 Pivot has already been violated and it's struggling to get back above that old dynamic that's still hanging above at 6537. It's weak whilst under here. Any stops on longs placed 50 points under 6450 are in danger of getting blown. They are in a sensible place, but we need to be prepared for them to get taken if Bitcoin cannot scramble higher quickly from here..if so, tough. We look to reverse short again looking for lower prices as per comment at top of page. This could be a nasty sloping continuation patter, which is why we can't give up on longs and just turn tail here. we have to wait for the signal.. ...a break below last stop (if not already out for 50 point loss) at 6400 will signal that the counter-rally game is up, buying power spent, so look to short as above, top. Sorry for so much typing covering the chart. It's so Twitter and Stocktwits can read the all the BS off screen too. Clean chart coming next
BITSTAMP:BTCUSDShort
by sumastardon
1
Bitcoin: BTCUSD Update...ride it..again! Bitcoin update So far so good, but not out of woods yet. We're long from 7090 and with the low at 7064 stops under 7050 have not been hit yet. There's resistance overhead at 7200 up to the resistance line above it at 7220 now...likely to come back from here, so day traders cn unload some longs and perhaps get in lower againa t 7150 ...but when it breaks above the line at 7120 now it should begin to accelerate. Let's see how it goes...
BITSTAMP:BTCUSDLong
by sumastardon