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BTCUSD Bitcoin Trade Points and Stops from HereBitcoin Update 26th July 11:16Est 06:16Est Bitcoin was a buy on a break above the 8160 line yesterday (though by time comment went live it had already broken higher, sorry- busy day yesterday all round) It was also a buy if missed the first break on a return to the 8160 line overnight, with the low being 8163 since then. But the rally is a little lame so far up 100 or so points. Can raise the stop to 8240 for now. It's effectively back in neutral, yet again in the very near term whilst trading within the range forming overnight and today bounded by support at the 8160 line and resistance at 8298-8320. Has to break above 8320 to return to positive for rally back to 8478-8576 range. Any break above 8600 at any point on rising volume would be extremely positive and can follow long again from that point looking for 8863 initially and then once broken above to 9367. Until then the best we can do is raise the stop as above or close out as close to the 8300 line for 140 points or so profit (if you were around or had orders placed to buy the dip overnight) and be ready to go again on a break above 8320 on rising volume. Returning to the downside potential from here: has to break below the first support line at 8163-8155 range to trigger a 100 point scalp back to 8053. The next support lies at 7944. It must hold up here at lowest on any retests for the uptrend to remain in tact from here. 25th July 22:18 Bst 17:18 Est The bears are really struggling here. We've had 4 minor waves down with the last being a slightly higher low - there's no momentum building on the downside - there are no sellers . And if that;s the case it have to move up until there are some again. The support lines have been adjusted accordingly . This mofo is trying to break above 8170 as this is finished. It's not ready to go down yet. So it should push up instead. Which it's just damn well done. Resistance here at 8230 - must break above here on rising volume to follow long again - it looks ok though to buy the dip if it comes back to 8163 overnight if it sticks here at 8230 - otherwise will have to buy the break higher above 8230 and hope volume picks up behind quickly. If not look to close out again. July 24th Update Bitcoin Update 24th July 09:42 Bst 04:42 Est The break higher duly came at the rather strange hour of 05:00 Bst and midnight Est. Volume has been quite high though not spectacular. Not much follow through in London though. It's the first time Bitcoin has made such a small surge following a break-out higher and it hasn't reached any clear resistance level either. The rally is a little spooky so far, lacking real intent. The long shot from 7800 is going OK but not great so far. Raising the stop to 7924 for now and hoping it won't get taken before more buyers appear. * Active traders: For fastest up-dates in real time over the Summer hiatus please check link at top left of main page. You are very welcome to join.
by sumastardon
Bitcoin XBT Stops Update and Next Trade Points from HereBitcoin Bitmex Update Not 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 7438 for now. The spikes above price suggest it's still not wanted much above 7500 so far. The rest stays the same for now, a repeat of yesterday as nothing has changed yet. 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 we remain limited to scalping opportunities inside the range *Day-Traders: For fastest updates in real-time please check link at top-left of main page.
BITMEX:XBTLong
by sumastardon
4
The correction for the massive bull pump begins.It had to break down sooner or later a retracement was long overdue. I was able to exit at around 7670 or so which was more than close enough for me to our projected inverted head and shoulder breakout of 7.7k and basically sold the top. It's hard to say just how far we will dip on this next downturn but I'm confident we will only form a higher low in doing so and continue upward...however, in the meantime a short correction is due so hence why I marked this idea short. I see 2 outcomes for this downtrend. a straight drop. or potentially a head and shoulder pattern...If it ends up being a head and shoulder pattern I have drawn a trendline where the head should meet the neckline and projected a rough estimate of how the second shoulder might look. I may put a limit buy in right when the head completes at the neckline with a tight stop loss under it should it break the trendline and keep falling. Ultimately I think once we complete the next breakdown we will likely turn back towards the uptrend from there.
BITFINEX:BTCUSDShort
by DrDovetail
2
Dow Jones Industrials: DJIA1! Stop Management and Trade PointsDow Jones Futures DJIA1! 10:15bst/05:15est 20th July Despite the counter rally this index still looks weak technically. It should start to come off from around here and from the upper falling dynamic from the recent highs at 25035 at best. It should come back to the overnight low at 24902-24850 range later today. It must hold and bounce here to avoid unravelling further to 24772 initially and then after another mild bounce to the 24641 -24531 range where it should rally away to the upside once more. To extricate itself from near term bear clutches it has to find enough buying interest to break above the falling dynamic at 25035 and hold there on the retest. Dow Jones Futures Update 11:56bst/06:56est 20th July A nice break lower from a high reached at 25027. Drive stop lower now, to just 10 points above current price to lock in 100 points or so of profit so far. * Active traders: for global markets updates in real-time please check the link at top left of main page.
OSE:DJIA1!Short
by sumastardon
BTCUSD Massive Inverted H&S Just HappenedIts important to study what happened so we know what to look for in the future and we know where we are at now. You can see a near textbook Inverted H&S pattern with some slightly off characteristics but nothing is ever perfect. This at least tells us that we are at the beginning of a new cycle and we should be looking at coming price movements that have followed Inverted H&S movements in the past of BTC. Linked below you can see some of the patterns that formed while this was taking place so we know what to look for when this happens again.
BITFINEX:BTCUSDLong
by Silvertoe
Sending bullwicks above the inverted head and shoulders necklineLooking at the 1 day chart we see a very promising sign here that the higher low/higher high bull pattern might continue. We need the price action to climb to 6850 or so to form a new higher high on the 1 day chart before the next significant breakdown happens. If so odds are food the following down trend will only form a higher low on the 1 day chart which will continue to allow the bulls to control the momentum. I already exited my position at 6690 and will be setting a stop buy up around 6894 to be safe. I think once we achieve the higher high on the 1 day chart a correction will be overdue and we will likely dip. I'm thinking we won't dip under 6.1k though before the next uptrend and will confirm a higher low at that point. All just my opinion though I could easily be wrong. As always not financial advice. Thanks for reading and best of luck!
BITFINEX:BTCUSD
by DrDovetail
2
Two Outcomes.Looking at the 1day chart you can see that if we were to break upward here we would be forming a higher low on the 1 day chart and that also the inverted head and shoulder pattern is still in play. However the stochrsi on the 1 day chart has plenty of room to dip still. I think we could still be forming a 1 day inverted head and shoulder pattern however if we were to break downward from here I think we would bounce upward off off the bottom trendline of the symmetrical pink triangle as support around 6k. At this point either outcome is probable and thus this idea will be listed neutral.
BITFINEX:BTCUSD
by DrDovetail
1
Still flirting w/ inv. h&s neckline; nearing 4hr golden crossWe continue to form a bull flag at the top trendline of the pink symmetrical triangle which also doubles as the neckline of the inverted head and shoulder pattern. We can see the we are on the verge of a 4hr golden cross too with the 4hr 50ma(in orange) nearing the 4hr 200ma (in blue). A golden cross on the 4hr chart is very often followed by an uptrend. I feel that based on how close to over extended the 4hr rsi and stochrsi are though that we may need to consolidate inside this bull flag for quite a bit longer with maybe even a bearish fakeout or two to reset them enough to sustain the breakout that will come from breaking up out of the inverted head and shoudler pattern and the the pink symmetrical triangle pattern at the same time. I've placed a green dotted line on the chart to illustrate the expected breakout target of the inverted head and shoulders pattern, and a pink dotted line to illustrate the projected breakout target from the symmetrical triangle pattern. The only thing holding the breakout back currently is how close to overextended the rsi and stochrsi indicators are. Despite that I believe we can find a way to consolidate too cool them off then achieve the breakout...especially if a 4hr golden cross occurs. We still have the lavender rising wedge we have been bound to though as well which may maintain resistance so while I believe we will break upward I am prepared for a fakeout as well. We currently have a 230 btc coin sell wall right at 7k on coinbasepro so that may be a hard resistance hurdle to overcome as well. Overall my sentiment currently is bullish though so I will lable this idea long, while anticipating a bearish fake out or 2 before the breakout. Thanks for reading and good luck **not financial advice**
BITFINEX:BTCUSDLong
by DrDovetail
Testing the Neckline of the Inverted Head & Shoulders PatternA nice bull surge has taken us to the neckline of the inverted head and shoulders pattern! We pierced it on the last candle..if we can close a couple candles above the neckline I'm fairly confident we will be revisiting the rimline of the inverted cup and handle pattern we broke down from last month. Breaking out from the inverted head and shoulder pattern will also allow us to break upward from the current pink symmetrical triangle we are in as well. However we need to keep an eye on the top trendline of the rising wedge we are still in (in lavender) breaking above this would be a very bullish sign indeed. As with all head and shoulder patterns...wait for the breakout (lots of bullish volume) to decide what to do, as they often times will end up being fakeouts. Good luck in whatever you decide to do, remember this is not financial advice, and thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
2