Bitcoin: BTCUSD Update - Breakout could be soon nowBitcoin Update
Bitcoin is still trying to grind higher, now testing critical near term resistance at 7717 where the fixed and dynamic
resistance lines meet on the chart. Even if it's low volume, this breakout, should it occur at any point, should be
followed for a move back to 7990-8000 where look to close out and short (only if day trader) with stop 50 points
above 8000. Bitcoin is unwinding an overbought condition reached on Friday by trading sideways right at the top, in
the space you'd expect a very strong stock to consolidate in. It's not been sold off really, not recoiling as it would do
if showing underlying weakness at these levels. ..at some point it's going to beat 8000 by 20 points, could even be
this weekend, and when it does it should be followed with stops about 100 points under 8000.
But in near term it will likely fall away from here...don't sell it though unless you use a tight stop above the upper
parallel. Wait, watch for the break to the upside. Be Lucky
Could
Bitcoin: BTCUSD This could be the low,take some profits at leastBitcoin BTCUSD
need to be carefulnow to watch htis isn't turning here by making a right shoulder off support at 6300...
Earlier, it was noted that 6300 marks 20% from the top, standard text-book stuff. It's Ok to fall 21% intraday, but not
fall more than this (19% to 21% is standard stuff, right?) - well, spookily, 21% off the top is 6240 - and the low so far is 6218.
So it could be here...lower stops to just above 6530, they may get hit so swing traders make about 400 points, maybe more if
it swings lower from here, but am thinking more that this really could be the low for now...doesn't look quite over yet,
and want that hit on the lower parallel at 5997 in ideal world before closing out and going long with a stop under 5990 -
ready to short again if this level gives way (small loss but for spreads if wrong on the long...)
That's the ideal, a complete flush out right back to the base of the stucture...but we might nor see it. Bitcoin likes to do
things by the text book so far, so maybe 21% extreme could be the limit...so at this point you can close out at 6340 ish
and take 600 points plus profit and take a break, or can set stops as suggestedif a swing trader, or you can stay with it,
but risk reward is diminishing now. Maybe close out half and run the rest, ready to close out at 6000 if tested and play it
from there as above. And if 6000-5990 gives way it's another short...Stay Lucky.
On upside, when eventually the upper parallel is broken on upside and if it then survives the first retest,from above, start
building long positions for rally to 6943 and short again from there with stop above.
the KIWI to go short post NFP resultslooking at the current levels of resistance we may see an opportunity to short this pair on any pullback on a 4 hourly to 1 hourly timeframe after a strong sell off yesterday with a fully engulfing bearish candle.However
I would remain cautious until post NFP announcements .
AUDUSD DAILY COULD GO EITHER WAY KEEP AN EYE ON ITHowdy,
This could go either way so worth keeping an eye on this pair as today's candle has not finished yet
We have as you can see resistance but that could break through and retest as new support to go higher or create a new lower low.
As always any feedback welcome good or bad.....still learning before I go LIVE