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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
Bitcoin:BTCUST impulse wave clear on 15 minute chartBitcoin Pressure says on whilst trapped within the impulse wave. Should hit 6928 soon and make a bounce...if short great - stay that way until Bitcoin can escape the parallel on the upside, whenever that comes (track it on 15 minute) and close out and go long for quick bounce to old support... That's Ok for day-traders, maybe, but swing traders are still advised to sit tight for now until dust settles. Depending on how slick you want to trade this wave, and spreads, the impulse wave will have 4 hits on the downside before it loses power usually - and each touch on the lower parallel is a closing point (short term for the big houses running this thing now) and a selling point when it touches the upper parallel. 4 times each side, 8 trades. But you need tight spreads, hence it's a game for Goldmans.
BITSTAMP:BTCUSDShort
by sumastardon
Bitcoin: BTCUSD Ride this Tiger nowBitcoin:BTCUSD Ride It now and let's see where it takes us next... So far, so good...low at 7332 so no stops should have been hit with the cavalry arriving just in time...so now for Bitcoin's next trick...pin bars from thenew high show there's some serious profit taking going on and it should come back to the break-out level yawn, in text-book fashion again? Surely this has to do something bad soon...it's just being too sweetly behaved...anyway despite being a little taken aback by it's sweet nature today we should stay long, I believe ...it can come back to test the old trend line again from above bit it should hold up...it's overbought and needs to unwind some. If it can hold up now you could end up very rich from today's trade....just hold it until you see it getting mentioned on the FRONT page of your newspaper (not electonic, real) - time, as always, will tell Over and out - And Good luck from the man in the white hat!
BITSTAMP:BTCUSDLong
by sumastardon
Ride the GBP Britain has been doing terrible since it's issued article 50 of the Lisbon Treaty for it to leave the European Union, from there the country has been unstable economically, but the banks were preserved with this information and that caused the GBP to recover for a bit, on Thursday we've had fundamentals released by the bank of England which confirmed Britain has lost investments and not only that, but people are very wary of investing in the UK. Since investments and interests rates are the backbones of the Forex market, and news being negative and a heavy drop on the GBP we can determine from this that the GBP is looking to drop back to the Brexit levels, but as we know the market always trends in swings forming those LL's and LH's in a downtrend, the market has formed the first leg of LL, next up it's forming that LH at the 50% Fibbo retracement as we can determine from previous price levels on GBP/USD.
Short
by Abdul_Light