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Bitcoin: BTCUSD Money/Bitcoin Never SleepsBitcoin: BTCUSD A great break, right off the lower parallel around the first hour or so of trading in China overnight. Bitcoin was forced back to support at 13730 by 20.15 EST during the first hour of trading before rallying powerfully, in a straight line all the way to the upside target at 15509 - making a high at 15585 before beginning to consolidate. So even on Christmas day Bitcoin yielded at least 800 points of profit and potentially up to 1600 if around to pick up longs as support at 13740 was retested and held up well when China opened for business. What other instrument pays out like a cash machine on Christmas day? ONLY Bitcoin. One on its own. The 'special'one. Now it's making what apears to be, so far, a tiny flag formation...it either slowly rinses off back to 14648 where it's a buy with stops 50 to 10 lower - or it's so strong now that we have already seen the second strike on the lower parallel (see chart) and the next move will be up from here...would prefer the former, where it comes back to test the lower parallel of flag again quite slowly and making a continuation pattern in process - can be bought by day traders if it does this with stops under the lower parallel and can be bought again by swing traders if it slowly unwinds over the next few hours back to 14648 and keeps within the parallels as it does so. Otherwise, if this little flag has already seen its second strike on the lower parallel that contains it now and can hold out off the lower parallel of the flag it will show that Bitcoin is still strong, with buying intent still present...it can then rise back to retest the upper parallel of the flag and can be followed higher once we see the break...could well rise to 15509 again and then come back to retest the upper parallel from above, once broken - and it could also give us a clean break, as we saw overnight in China...ideally we want to see some solid green candles emerging from the upper parallel (can trade this by committing half stake on the initial break and keeping the other half dry in case of retest or just wait for the retest, which might not come, as last night. But there is key resistance not far above the upper parallel - fairly minor resistance at 15509-15585 first and then the last really significant resistance between here and the highs, at 15814 - this level keeps coming up in dispatches and extends to 15860. Pretty much everything now depends on this key defensive barrier erected by bears over the last few days.Bitcoin has to find the buying impetus to break above 15860 and to hold uo there on a retest from above, once broken. In one bound, Bitcoin would be free and should begin to surge higher if we see this kind of price action develop later - it should rise to 17908 and then to 19009, with. the blue lines on the chart being the likeliest points at which to expect a small counter-reaction. So swing traders can either buy on the first break of the upper parallel of the flag or wait/increase only once 15860 has been broken and survivied a retest. On downside, the lower parallel of the flag/continuation pattern must hold up today on retests, and at all costs 14648 must do so for Bitcoin to remain underlying positive. Any failure at 14648 would therefore tip Bitcoin back into bear territory, creating a sell off back to 14000 at least - and if this should fail to hold, back to 13456 again .
BITSTAMP:BTCUSDLong
by sumastardon
3
BITCOIN: BTCUSD Never say dieBitcoin: BTCUSD The raging beast that is Bitcoin just never quits. It's either positive and rising fast or negative and falling fast. It's hardly ever neutral though. What more could a trader pray for? Just so long as she keeps moving we can make big returns whichever way she moves next. Had to leave this at around 1.30 am GMT whilst still in full flow. We'd shorted from 15810 with a stop 60 above - the high was 15858 so it came damn close but was never struck. Some will have closed out on the first test of the big parallel at 14300 for a 1500 point profit, others still awake for the play-out will have closed out at first target at 14040 for 1750 profit and then shorted again on break below here by 25 points for the fall to the next target at 13086 for another 900 points of profit. Below here the next support line lay at 12717 which was struck, but it was imprecise and the eventual low of this run was actually 12565. Hopefully most have made at least 1500 points of profit in a few hours trading and some will have 2650 stacked away from the two big shorts set up in yesterday's comment. We aim to mine at least 1000 points per week from the Bitcoin mine (as middlemen, efffectively) and hopefully 2000 per week. That way we buy Bitcoin outright at current values roughly once every couple of months. So far, so good. Just so long as Bitcoin keeps moving we have a genuine chance of achieving this, too. Right now Bitcoin has made a near 2000 point counter-rally and has now fallen out of the parallels that have guided this rally and is vulnerable again. We know Bitcoin really likes to double bottom at the end of a real consolidation period and so rather than buy the rally (too late by far but notice how often there is a change in trend at 5am-7am GMT and often at 12.30am GMT as China opens for business) so will stay flat for now looking for a sell from higher up or if we miss it, a buy from lower down if we see a double bottom being created at 12718-12558 range later on. More as the move develops.
BITSTAMP:BTCUSD
by sumastardon
BITCOIN: BTCUSD Money never sleeps, palBitcoin: BTCUSD Running out of analogies and cliches to describe price action here. That something so big can act like a penny stock at points is a reminder to all, as Gekko said, 'Money never sleeps, pal'. Every other currency actually does at least grab 40 winks at the weekend - but Bitcoin's on crack 24/7. Oh what a killer opportunity we've partially missed as the Chinese have indeed ripped Bitcoin to shreds overnight, creating the biggest straight line selling climax - probably since 1929. We were looking for a full blown climax, and we've all been in bed whilst it's blown apart. We were still running some shorts as no stops had been hit and 6220 was quickly taken down when China opened - so the next target was a long at 6000 - smashed through like it disn't exist. So we blew 50 points there and should have then switched back to shorts...the breaking of 6000 unleashed the floodgates and millions of Chinamen who thought Bitcoin could only ever go up learned another vicious lesson as the market swept them away, greed turning to fear and then massive panic - all in minutes. So every novice, every weak holder has been flushed out. Our shorts triggered by the fall below 5990 reached a low at 5555 leaving a spike under the support line at 5637 on chart before ripping in a straight line back to test the underside of the central parallel precisely before falling away again. That upper parallel is still in control here, as we can see from the chart. So if you were still awake to see the climax of the selling am really hoping you took the chance to close out shorts towards the lows, because if in bed at time and the stop was left at just above 6000 it means we've lost 50 or so points on another short trade that could have yielded up to another 450 points on the downside. What a bears' picnic. Such is Bitcoin. To be honest, last night we all should have been doing crack to keep up with Bitcoin just a little longer...if, if ,if Anyway, we are where we are and some will have profits of 600 points minimum, some 950 (6945 to 6000) and some slick traders even more - and some have bought back and made....1500 points on downside and now up to 900 points on the upside from the low at 5555 to 6445 high today so far ...so much has happened...look at the high today, a perfect hit on the fixed and dynamic lines which stops the rally dead with a big pin bar - so I'd just got up at that moment and it took 60 seconds to realise the chart was real and this wasn't some weird dream...pice action was crazy but could see that 6445 was the node now, the pivot to the upside, so shot out one line text to say sell again at market with price then at 6300 - if you were around for that and have gone short we can move the stop down now to 6180 to grab a few points profit if it comes back at us from here...we could be coming to a conclusion soon...watch the lower parallel now...can it hold up the decline this time around at 6021...? It could flip back up here and look good again...needs to break above the central parallel still to escape the downtrend, that's the clue to go long for swing traders....need to get this live so will update again soon...shorts can take quick 250 pointprofit at 6050 as it is sticking here now (day traders can think about buying at 6050 with stop just below 6000...
BITSTAMP:BTCUSDLong
by sumastardon