Bitcoin: BTCUSD Levels of Interest TodayBitcoin: BTCUSD Not Out of Woods Yet
By 7.30pm est the Chinese market opened and started to pile
in, probably not believing their luck that Bitcoin was trading
at the ideal entry point off 7077 again. The immediate burst
of buying took Bitcoin up to test the resistance line at 7344
for a quick 260 points of profiit before sellers moved back in.
Since then we've seen backing and filling as it comes back to
test the parabola again, which is NOT holding it up now and is
curently at 7150, with fixed support at 7140... and more at 7077
nearby. It should start to find support around here but then has to
break out of the little channel it's running down to break free
of selling pressure and hold up on retests when the breakout
occurs...That breakout should be worth following if we see it.
Downside, it can come back to 7077-7060 but must hold up here
today if it is to avoid another fall back to 6943....if it does
this, it becomes a buy again for day-traders at 6943 with stop
just under 6900, looking for a rally back to 7070 initially.
Stops on current longs remain below 7050, which if broken
means that 6934 will likely be tested again. The 6934 level
down to 6900 remains critical for Bitcoin. It must hold up here
on all tests. Failure to do so will trigger a welter of selling in
all likelihood, back to 6312 at least, more likely to 6165. A
good short, if we see it.
