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Bitcoin: BTCUSD Neutral- break above 6550 and hold for next longBitcoin: BTCUSD Neutral right now - must break above 6550 and hold on retest to trigger next long This could well be a continuation pattern before Bitcoin rallies potentially as high as 7400 in bear-mangling AbC pattern - after throwing everyone off it's back except day traders - who are also now fighting a narrowing field with a little flag pattern appearing over the last hour or so, some bearish and some bullish but neither yet winning the argument - but it's centred precisely around the 6450 pivot point, nevertheless, so this level remains important to the bulls - and bears and does seem to be the key level for the day, still. For Bulls to win the day they have to force price back above 6450 firstly, and then 6550 where the old dynamic lies once more and it has to hold up on the first retest of this line from above if broken at any point on 15 minute, or at least must leave a pin bar if broken for a few moments - it's still possible at this point - if we see it and the retest is successful (this turgid process can take a couple of hours, and like fishing it helps if you can maintain a zen-like calm if you trade this break, should we see it. Looking to follow on the retest with stop under 6470 for now, looking to close out at 6940 if touched and likely go short for 200 points on first touch with stop 50 points above. For the bears to win out from here all that needs to happen is for price to remain under 6450 pivot point. it really could flip either way and all this indecision bleeds out of the chart - too much mixed super near term conflict, players so exhausted or baffled that fighting has ground to stand still...for now... So far the attempted break above 6550 is failing...still stuck in neutral, but the bulls are really trying for it now. Faster updates are available by subscribing free to Tradingview.com where comments can be updated quickly without struggling with formats and charts and other BS. Followers can get automatic notification of updates from there. I'm still trying to refine this, and to find the best way to deliver timely updates without overload. And also looking for a social-media savvy US based promoter to help take this to the next level. Today wasn't great but where else can you make 1500 points on the weekend in a flat market overall? Isn't it better than the Londay day-break strategy ? Or not ? Please respond, it means a lot to get honest feedback and any suggestions are welcome, particularly from those followers who have joined the hunt for Bitcoin and have followed for a week or two. Anyone out there interested in any of that? And who is that daybreak strategy guy anyway? It's like he's living in my computer. Anyone out there? Please respond. It will help improve the service. A review of a pretty poor day is on the chart itself fyi with mistakes owned and explained. At least losses were always contained with stops. One small consolation from a day of whipsaw and indecision and busted stops.
BITSTAMP:BTCUSD
by sumastardon
12
Bitcoin: BTCUST Good retest of old support - Next trade set-up Bitcoin: BTCUSD See how the successful retest of the bigger controlling (until midnight est) parallel took 2 hours to occur at the 6150 level? This retest of the old dynamic support we were looking for around 6515-6500 range has taken an hour to play out as price danced either side of the line but with a low at 6503. It's always a tense period watching, waiting, trying not to get faked into the wrong trade by getting too twitchy. The worst part of any trade, but needs must. It means any stops for longs can be placed at about6490 and just under for small loss if it fails from here. But it shouldn't do now. Stay long until the 6930 is tested and close out. Then look to short from 6940 with stop 50 points above. Be Lucky and if you can't, use stops.
BITSTAMP:BTCUSDLong
by sumastardon
BITCOIN: BTCUSD ON the brink of the next abyssBITCOIN: BTCUSD On the Brink Right Now Testing the first support 6425 range. Day-traders will be closing out again here, looking to see if selling power wanes ...don't think so but it could create a little counter rally from 6425-6400 , with 6400 being the exact point where the medium term trend line stands right now - and if it does, it should get stopped by the parallels above it which look to be controlling this descent now (couldn't get a grip on those yesterday, because the all-time high was screwing up any symmetry in the chart)...it's breaking now right on to the long term trend line at 6400 now...it's really thinking about it here, looking down and trying to hold up...but no one's buying are they? It's just selling has stopped here, understandably - itFailure here will seal the next stage in Bitcoin's descent - It should fall away to 6312 at least, make a feeble bounce maybe and then fall away further to at least 6165, and then 5997...last gasp support here at 6000 so it should try to pull back from the precipice for a while, and make some kind of getaway here...if this then fails Bitcoin will start to fall in a near straight line back to 5121-4973 range. It's extremely weak whilst trapped within the parallels that are bossing this wave now. Any return to the upper parallel should be viewed as another selling opportunity for now until downside targets are achieved. More as this move develops.
BITSTAMP:BTCUSDShort
by sumastardon
3
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.
BITSTAMP:BTCUSDLong
by sumastardon
GBPUSD: Neutral now awaiting next signalGBPUSD Neutral now awaiting next signal Price action over last 12 hours has seen Sterling break below the lower parallel, thereby breaking the staggered uptrend that's been in play since the turn of the year. It doesn't look good for GBP but the game isn't up quite yet... Right now this pair is neutral: Need to see a break below that support line at 1.3021 to turn aggressively bearish again, looking for a fall back to 1.2765 (with 1.2863 serving as a minor rally point within this decline). On the upside, Sterling is in danger of consolidating yesterday's decline UNDER the parallel - classic chart action prior to the next fall...to escape this threat it will have to move back above the parallel at 1.3090 now and hold up there, rising higher and coming back to use the parallel as support on the next pull back. Only if we see this kind of price action will it look safe to go long GBP again for a rally to 1.3227 at least, and more likely back up to 1.3304 before coming back off again. So neutral for now, awaiting next signal to trade this pair as above.
by sumastardon
Gold:XAUUSD Full of whipsaw until DXY straightens outGOLD: XAUUSD Update It's quite complicated and full of whipsaw - and there's likely to be more in store until DXY straightens itself out... Was waiting around a long time to get long at 1274 which looked like a good trade to begin with after an intraday low at 1273.25 as Wall Street joined the session...just hope you were smart enough and fast enough to exit, though (unlike me, busy with other incoming, der). Even worse, there was another buy trigger (which I hope you never traded because you got in at 1274 lows early in the NY session) on a rough 50 pip break above 1283, so at 1283.51 ish by the book - well if you traded long here I'm very sorry - my bad, in fact really bad...this is not a bad or unlucky trade, fooled by the chart - it's worse. It's just lazy, stupid writing...because there's clear resistance at 1283.5 already there on the chart so it should have been 'only go long on a 50 pip or more break above here, which would be 1284 +.' And so if I'd been a little more diligent it would and should have been technically perfect (high at 1283.98) - so this is my fault and not a fault or false reading from the chart. I feel a need to own up to that. My bad. Charts rock. Most of the time. It was a really dumb, lazy call that should have been written with more care. I feel deep guilt and responsibility if you got caught near the top because of that. If, like me you're still stuck in this trade from 1274, well at least we're still a couple of bucks to the good, not bad. Am raising stop to 1275.30 so this trade makes 1.7 points if it goes wrong or makes 7 points to 1281 upside target if right... But it's clear - that pinbar on the hourly chart looks serious - big reistance lies from 1281 through to 1284 (and not to 1283.5 as erroneously previously stated). So will close out long at just below 1281 if rally continues and not wait for better...just cannot trust rallies with DXY whipsawing right now the way it's doing - but believe that DXY is getting close to finishing its consolidation before the rally resumes, so it's difficult to trust any rally in gold for more than 5 minutes...therefore need to set limit just under 1281 for this long trade. If price is then met, no way can we consider going long again until 1284 is broken on updside by 50 pips+ (wait for next pull-back and with reasonably tight stop just below 1283 if trade triggers, for a maximum 1.7 point loss if wrong) and an upside target at 1290, a small 5.6 point win if right. A 3/1 risk/reward isn't great but just about acceptable. But gold looks more likely to fall away again from 1281-4 range if tested - hence looking to close out long just under 1281 and probably short from 1284 if touched with a stop just above 1285
FX:XAUUSDLong
by sumastardon
GBPUSD: Pip perfect test of support for SterlingGBPUSD Next Long set-up (and downside from here) We've just seen a Pip Perfect test of the rising support line - the perfect exit point for shorts on this pair. And stellar trading if you managed to reverse there...the perfect trade with a stop just 5 pips lower. Right now, Sterling is sticking at 1.3113 - it just needs to get 5 pips higher to trigger a long from here if you missed the lows...for a move up to 1.3311 or just shy. Stops need to be under the parallel by 5 pips for fast test of 1.3029 if broken. Sterling will need to fall below here for the next swing trade lower, though, back to 1.2765. And on upside, will need to beat near term resistance at 1.3311-1.3341 now for a fairly short-lived swing trade higher to a target at 1.3462/falling resistance line intersection.
Long
by sumastardon
IOTUSD 3H CHART IOTA ENTRY LEVELSIn the last post, a symmetric triangle was identified, after resistance break an immediate target was achieved, at next major resistance. However, this resistance zone was not pose any resistance at all, so we could see a price rally to higher levels, and DMI confirms it. RSI and Stochastic (not shown) look overbought. Market is currently struggling at the 0.786 Fibonacci Extension level. This could be a new entry level if broken towards the next resistance level at 1 Fibonacci Extension. Next major resistance zone begins near $0.57. It seems unlikely to reach this level short term. Trades could be opened right now at a 1.79 Risk/Reward ratio or even better, wait for a short term reversal and entry after uptrend is confirmed again. This would increase the Risk/Reward ratio.
BITFINEX:IOTUSDLong
by WaineNZeddmo
EUR/GBP 4H Chart: Channel Up - Bank of England jumpToday, on Thursday, August 3, the Euro gained more than 70 base points against the British Pound in less than an hour. It was a purely fundamental event, which was still consistent with the ascending channel pattern, which has guided the pair throughout this summer. The currency exchange rate met with the combined resistance of the weekly R2 and the upper trend line of the channel up pattern at the 0.9030 mark. There are two possibilities for the future. In the first scenario the rate bounces off the resistance and continues the short term decline. In the second scenario the pair would push through the combined resistance at 0.9030. However, the second scenario is more likely, as the pair bounced off a support level of a dominant pattern in the middle of July. That means that the ascending channel is about to become obsolete. As the chart was being drawn up, the second scenario began to form more as reality.
by UnknownUnicorn890690