BTCUSD: Trade-Points TodayBitcoin Sunday Update and Trade-Points
The counter-rally high early yesterday morning reached 7678,
just 5 points under the 7683 stop line as Bitcoin spent 24
hours moving sideways before plunging at midnight Gmt/19:00
Est as Japanese markets opened.
US trading volumes have hit new lows, falling from 50% last
year to 35% in April and now under 15% of trades are in
dollars. The American retail buyer may return some day but
for now Bitcoin's fate lies in Japanese and far Eastern hands.
And sure enough, price barely moved all day yesterday until
Tokyo opened at the zero hour. And as soon as it did, Bitcoin
began to fall away again.
So far the low today is 7268, a little below the 7281 support
line on Bitmex but the rally is feeble and unlikely to get far
above 7355-7385 range before falling away further to test the
longer term dynamic which is now at the 7183 level. Any
failure to hold this line during today will force Bitcoin lower
still to 7056-7050 initially and then once this gives way to
6493 where it should attempt to bounce again.
Shorts triggered on the break below 7579 line overnight can
stay short for now looking to close out on the test of the
longer term dynamic at 7183 and ready to enter short again
once 7175 is broken with stops above 7200 looking for a retest
of 7056 on Bitmex next, as above.
Points
BTCUSD Sunday Chart Update and Key Trade-Points TodayBitcoin Sunday Chart Update and Key Trade Points
So far this looks like a good Reverse/Inverse Head and Shoulders in classic formation with a perfect retest of the neck-line yesterday at 7600 (even more so because no one seems to have really mentioned it - the low today here is 7600 precisely).
It carries with it a minimum implied upside target at 8163 on Bitfinex.
But in the near term Bitcoin has made an 07:30gmt break higher from the 7644 line as it did yesterday too -before spending 24 hours moving sideways again.
The new normal. Sheesh. Every break higher is getting faded now for hours and hours after the intial impulse. £0 minutes of action followed by 24 hours of continuation. Just like fishing on a slow day :(
But this break today is still potentially significant.
We now have a technical battle emerging between the power of the RHS on upside and the power of the upper dynamic of a loosely defined rising wedge-like formation on the downside, both in opposition to each-other, one a positive force and the other negative.
So we can spend quite some time today in yet another continuation pattern with support at 7700 and extending to the lower parallel of the newly forming pattern from the intra-day high.
Both these opposing patterns are powerful. Which pattern will prove stronger ?
Well, so long as the dynamic which forms the lows of the right shoulder holds up on retests today the likelihood is that eventually the break will be higher and not lower.
If so other than buying the dip to 7700 and below to 7768 and maybe to the 7644 line the only other option is to buy the break above the upper small falling dynamic from the intra-day high when and if it comes later on - need a volume spurt to follow it to know it's good - but the pattern is still overall positive at this point and the uppermost risng dynamic which capped the high today so far, is beginning to lose its power and on the 5th strike it should break too. That will open the way for a RHS to take control and begin to drive price towards the upside target at 8163.
Returning to the downside Bitcoin has to break below the risng dynamic underpinning the lows of the right shoulder of the RHS to start flipping longs out back to 7644 and if this then fails to the neck-line itself again at 7600.
This level must hold up throughout the day from here. Any failure by more than 15 points will flip Bitcoin back into bear hands, signalling ultimate failure of the RHS and trigger a short from this point with stops 50 points or so higher if struck later.
BTCUSD: Bitcoin Friday Update and Trade PointsBTCUSD: Bitcoin Friday Update and Trade Points
Bitcoin was expected to push higher during a long, slow but
overall positive day yesterday - it was certainly long and slow
but it didn't push much higher though.
Once it broke below 7480 it was meant to fall to 7401 at
lowest before bouncing away again to the upside.
In the event the subsequent low fell at 7415 before Bitcoin
began to rally again.
Since the low Bitcoin is now back retesting the high of
yesterday at 7599 on Coinbase.
It should meet profit taking from day traders here in the
nearterm and come back to 7550 and move sideways for a
while.
We've had 3 waves up in this counter-rally so far and each one
is smaller though similar to the one before it. This rally as
Europe opened is lame so far and lacking intent or any real
interest. It will need more buyers again from 7550 and off the
lower parallel at worst to stay positive today from here. Even
if it can manage this there is the worry that there's not much
upside potential left in what would be a 4th and final wave
upwards. It needs a big green impulse candle to emerge on a
break above 7600 to change that view.
Yesterday it was Ok to buy the dip - today is less certain.
The only weapon the bulls look to have left in their armoury is
the potential for a sketchy RHS pattern to complete with a
break above 7600 on a volume spike.
Despite the resistance at 7638-7660 if this RHS is to have a
chance of working out it should rally towards 7660 at first
and then come back to test the neck-line at 7600 again. It
must bounce away to the upside again from this point with
more volume arriving to help it on its way.
So if we see 7600 broken to the upside it's quite high risk
following long - use a stop 20 to 30 points lower and if this
potential break then lacks volume coming in right behind it
don't hang about hoping, just close out again and look again
as it comes back to the neck-line. The market is too uncertain
for any gung-ho trades right now and there is resistance
mounting from 7638 and 7662. But the RHS' right shoulder is a
little better defined now after yesterday's price action and it
has 600 points of upside potential if it can complete as above
- so despite risks will be looking to trade it as the downside is
only 20-30 points or so. But it is risky nonetheless.
Returning to the downside initial support lies at 7550 followed
by 7480. Any break below 7480 will force a retest of
7415-7390 range which when broken below will flip Bitcoin
back into bear hands and trigger a short back to 7166 at a
minimum if not to 7068.
BTCUSD Bitcoin: Next Trade Points TodayBTCUSD: Bitcoin: Next Trade Points
Bitcoin was expected to fall back to 7301 before bouncing
away again. In the event it fell to an intra-day low at 7273
before the bounce came. Not great.
Since then it's made a high at 7599 and extended to touch the
upper end of the same (less acute) parallels that have been
running inside the noise of the last 4 days or so.
The near term picture is still more positive than negative at
this point and Bitcoin should push higher still towards the next
upside target at 7760-7817 as the day wears on.
But in the near term it's a little over-extended and needs to
consolidate again. Initial support lies at 7480- any failure here
will likely create a fast retest of the 7401 line at lowest
today. It must hold here off the lower rising parallel for the
counter-rally to stay good from this point.
If wrong at this point any eventual failure here at 7400 will
turn the tables yet again and trigger another near term short
back to 7166.
GBPUSD Range Trading: next Trade-Points from HereGBPUSD
Sterling is unwinding its oversold condition by flipping within
a near term range bordered by resistance at 1.3614 and
support at 1.3462-1.3455.
A break below 1.3450 will trigger the next short down to
1.3301.
And on the upside a break above 1.3615 is required to arrest
the downtrend and to start flipping more short stops for a 100
pip rally to 1.3715.
GBPUSD: Month-End Update and next Trade Points from HereGBPUSD Update 31st May Month End
Streling has fallen to the downside target at 1.3301 after a
low at the old 1.3219 support line for a 150 pip or so profit.
Eventually it should fall away further to the next support line
at 1.3029 but in the near term the counter-rally is already
pushing the upper dynamic at 1.3345. It should stop here
really looking at this chart in isolation. But DXY looks like it
has more unwinding to do in near term and so this could push
higher still from here.
The difficult bit in the immediate near term is figuring
whether the near term reversal point is right here at 1.3345
or at the next line above here at 1.3462 - but it's going to fall
away again from one of these two lines most likely and then
test 1.3029 in June.
BTCUSD Bitcoin: Trade Points Today
11:34 Gmt 06:34 Est Bitcoin Coinbase Update
OK. So a little a break higher to bust out bear stops around
7166 - stop hunters and bots! But at least a little
continuation pattern looks to be forming now giving us break
points either side of the smallest parallels . Only gets
interesting again once we see a break either up or down -
which we can follow with stops under 7166 if the break is
higher, and more likely, above the lower smaller parallel of
the continuation pattern on an eventual break lower.
12:59 Gmt 07:59EstBitcoin Coinbase Update
That was a great break up to the next level at 7431 with spikes
above the line to 7479 here. The rejection spikes are big though.
It needs to unwind under the 7431 line .
But on the bull side now we have the biggest green candle for
ages - nothing to compare in the run down.
This is more than a bear a bear squeeze. It's buying intent as well.
So will be looking to buy again from lower down later
* For up-dates in real-time for more active traders please see link at top-left of main page
WTI Near Term Topping FormationWTI: USOIL West Texas Intermediate
Unlike on Brent chart there is only one clear and true reverse
head and shoulders evident on the WTI chart (left shoulder
not 'true' on the smaller one, yet so clearly evident on the
Brent chart, please see companion forecast for UKOIL for
comparison).
So this chart is still forecasting longer term upward pressure
to the eventual minimum upside target implied by the RHS at
84.82.
However, in the nearer term WTI continues to flip within the
150 pip forecast range but due to Brent reaching a significant
target point the lower end of the range at 71.30 on WTI is
likley to give way at some point quite soon. If you've been
playing this range over the last week it's holding right now at
150 pips off the high pretty much but not worth buying again
here.
It should fall away to 69.69 and if that then fails to the lower
parallel at 66.81.
Any subsequent failure from here on to hold on to that lower
parallel will tip WTI back into bear territory - can then follow
short again if we see it further out in time.
ETHUSD Next Trade Points from HereETHUSD Bitfinex
Although it's bounced off the support line at 543 after a spike
low at 538 ETH is still vulnerable until it clamber back above
the 593 line here and hold up on the restest once it does so.
If you bought off the 543 line here it's not a bad idea to take
at least half off the table again if not all. It will follow Bitcoin
as usual. Can buy again once we see 593 retaken and held
again for less risk.
All alts should have been sold when Bitcoin fell below 9300 if
you go back that far...
Still no evidence here to warrant buying back again at this
point yet. But it's trying at least.
BTCUSD Bitcoin Next Trade Points from HereBTCUSD: Bitcoin Next Trades from Here
19:41gmt 12:41est
This still looks corrective at this point.
No big green impulse wave starting yet which would be the first signal that this is a real bottom here.
It's the weekend coming up and still no sign of buyers in any numbers.
But there is a chance so we need to cover it in case - it is holding here still at least.
But it has to break above 8654 - 8680 get free of the parallels and trigger a long with stops under 8630.
Otherwise and in absence of break higher we wait for a potential break lower needing to see the lows broken by 10 points or more before moving short again (as outlined previously above)
15:42 gmt 10:42est Bitcoin Bitstamp Continuation Patterns
Can rally to 8654 but looks unlikely to get much higher at this point.
The last patterns lasted for 4 hours or more - this one is about 2
hours 40 minutes old so far
17:10gmt 12:10est
Still not a good look so far ....
Day traders playing the range - buying off the lower parallel and
selling from the upper . Has to break the lower parallel to get short
again.And has to break and not spike above 8654 for an 80 point
spurt to 8736 where the second parallel lies in wait. It then has to
break above this line to run free for a while longer to 8822-8830
minimum and potentially back to 9000.
But so far this rally can still not be trusted
17:59 gmt 12:59est
Daytraders now closing out longs again and some reversing short
again off the 8654 line - can push higher towards upper parallel -
but still cannot think of a long unless the upper falling parallel is
broken above. This is still just a continuation pattern at the moment.
That only changes if the upper parallel is broken from here.
BTCUSD: Bitcoin Next Trade Points From HereBitcoin Trade Points Today
Bitcoin was left looking at a counter-rally 'towards 9700 before it comes off again'.
It took another 7 hours or so of whipsaw and confusion to get there but by
01:00 gmt/20:00est Bitcoin made a high at 9671, taking out more stops placed
just below here in the mind-numbing game of Pacman/hunt the stop that lasted
right through the US session and only came alive again as far Eastern markets reopened.
Then, finally the break materialised as Bitcoin fell through the lower parallel of the
continuation pattern and we then got a decent streak of tradeable red - that is if you
hadn't been sent to sleep in the meantime. But if you were patient enough to stay
with it you got the rewards - in the end. Trading Bitcoin is similar to fishing.
Both need the patience to wait for the fish to come to you.
It was meant to fall back to the 9253-9180 range before rallying again with any real
power behind it. The low so far is 9207.
Since then Bitcoin has fallen away to create a new pair of parallels, bouncing off the
lower parallel and making another small continuation pattern in a smaller pair of rising
parallels withing the larger falling parallel formation. It's now touching resistance off
the upper smaller rising parallel and vulnerable once more - a sell from here with
stops above the same small parallel.
It can spend several hours messing with heads again like yesterday, falling to the
lower parallel of the continuation pattern and rallying again, potentially as high as
9469 and the upper parallel later on, though in near term the 9375 line is proving hard to beat.
Long story short, we're looking a pattern similar to yesterday's so far. Sheesh.
It looks like it has longer to play out but the pattern can break at any point really.
It's therefore in day trader territory right now again.
To escape the downtrend it has to break above the 9469 line and hold -
if we see it materialise later can follow long with stops below.
And on the downside after more time spent moving within the rising parallels of the
continuation pattern the next short gets triggered on a break below the lower rising
parallel under price now with stops above.
Until then this is likely to drive us nuts with frustration. Patience or time-out in meantime.
BTCUSD Bitcoin Weekend Trade PointsBitcoin Weekend Trade Points
We waited patiently all day Friday for the buy signal on the
exit of the continuation pattern (recent buy-points, top-most
green arrow) which finally arrived at the 9670 level on
Bitfinex. Since then Bitcoin has rallied back towards the 9850
line after an overnight high at 9889 before consolidating.
So far the consolidation has taken place inside the the two
top-most lines of support/resistance and inside the spike highs
of Thursday/Friday and off the small rising dynamic
supporting the overnight rally so far. Longs can raise the stop
to just under 9760 as if it breaks below here it will likely fall
away again to 9584-9544 where it becomes a buy again if
tested at any point later today.
On the upside, whilst Bitcoin holds up from the first support
at 9772 the overall trend remains positive - we can stay with
it until the rising dynamic under price fails or better still,
until upside targets are met.
The next upside target is 10089. Bitcoin then has to break
above here to really crank up the volume - all the way to
11687 potentially. Let's see what the weekend brings. All we
have to do is be ready if it comes our way.
Can also add or buy again once the tiny dynamic from the
overnight high is broken to the upside with stops below.
LTCUSD: Litecoin Next Trade Points from HereLTCUSD Litecoin
Local resistance at 165/6 - can come back to the smaller
dynamic and to 156/5 likely lowest before it rallies again.
Once it breaks above 166 it should move up to 174/5 in near
term and to 194/5 over more medium term.
Needs Bitcoin to break higher for this do the same, most
likely.
BTCUSD: Bitcoin - Next Trade Points Today
Bitcoin Bitfinex Update 14: 24gmt 09:24est
Having hit the near term target Bitcoin is unwinding off the underside of the upper parallel of what is still a large continuation pattern - it should spend some more time moving sideways to downwards as it consolidates the recent break higher and day traders take their profits and some reverse short too. It can come back to 9290 and to 9250 at likely lowest before it rallies again.
The next resistance above 9348-9361 lies at 9436 followed by 9500-9560.
13:55gmt 08:55est Bitcoin Bitfinex Break Examined
The first break above the dynamic was an initial failure and it
came back 50 points to the support line again around 9180 to
make a 3rd wave down - we look for 3/4/5 wave sequences
usually but with Bitcoin usually 4's. The 4th minor wave took
Bitcoin back above the dynamic and was followed by a retest
of the same line from above (not quite touching the same line
again, doh) before it finally moved in a near straight line
higher, with one last chance to get long at the 9250 just a few
minutes ago.
Stay long for now. Day traders will close out at 9350 though
most likely...
13:42gmt 08:42est
The dynamic has been broken and triggered the next longs.
The rally so far is not particularly great but it is bear
engulfing - it can come back some again from 9300 and just
under without some volume kicking in here - but it's Ok and
despite some sideways movement and back to the 9250 line it
should rally later to 9348 and potentially higher still
On the downside Bitcoin has to break below 9160-9150 to
trigger further near term weakness and a potential short back
to the 9064 line where it should bounce once more.
Bitcoin Bitfinex Update 10:29gmt 05:29est
Although it's had a reasonably positive overnight start the
rally has still not reached the next upside target at 9348 on
this feed yet.
Since reaching an overnight high at 9292 Bitcoin has fallen
back some and looks to be cosolidating off the 9183 line.
It cannot be bought again until the dynamic off the overnight
high is broken to the upside in which case can follow long with
stops under the dynamic when broken.
*For updates in real-time please see link, top-left of main page
BTCUSD Saturday Buy-Points and Updates09:20gmt 04:20est Saturday Buy Points and Updates
If you went long again off the retest of the lower parallel it's
held good overnight but has reached the underside of the
neck-line of the small head and shoulders created yesterday
and could have been closed out for 300 or so gain by now.
If still long the nearest support is close by at 9077 so no point
in closing out now.
But it must hold up from here to avoid further weakness back
to 8899 line again.
Failure to do so will trigger another short with stops above 9100.
The overall pattern is still delictely poised with bulls holding
sway above the 9077 line and bears still roaming the zone
underneath 9077. Bullish above the line still and flipping into
bearish territory below it.
More as the move develops...
Bitcoin Bitstamp Update 09:52gmt 04:52est
Bitcoin has rallied from the 9077 line precisely and shot
higher - local resistance at 9389 which should cap the rally in
near term where day traders will likely close out but the
pattern is looking positive - as before- bulls hold sway above
the 9077 dividing line and bears below.
If you bought off the lower parallel for the swing higher and
are still long can stay that way though expect some
downwards movement to arrive soon if so.
Bitcoin Bitstamp Update 12:43gmt 07:43est
Coming back to the 9175 support line and the lower parallel.
A buy here with stops below the line - or can wait for small
dynamic above price to be broken above and the 9224 line
reatken again by the bulls to add or for a safer buy anew.
Has to break below 9175 line by over 15 points to flip back to
negative again back to 9077
13:23gmt 08:23est
Can raise the stop on this long to just under 9200 now and let
it run towards the upper parallel for day traders and to
uppermost larger parallel for swings.
*For Bitcoin updates in real time over the weekend please see
link at top left of main page
BTCUSD Back to Positive: Next Trade Points from Here
Bitcoin Bitstamp Update
After the break higher Bitcoin has spent the night consolidating recent gains.
It's a buy again once the dynamic from the overhight high has been broken above with
stops below the 9224 line when the dynamic is broken above.
Until then Bitcoin is still in consolidating mode and moving sideways to unwind using
the 9175 line as support as it does so. So near term neutral. Has to break below 9130
on Bitstamp to turn negative back to 9011 .
But so far price action is positive and it should break higher again later so long as the
9175 line and the 9130 level at lowest continues to hold from here.
The next resistance lies at 9482 and then 9887 and the uppermost parallel.
As things currently stand we have a decent chance of retesting it later this weekend.
22:32gmt 17:32est Last Update
Target achieved -should come back some - if still long raise stop again to 9148
BTCUSD Bitcoin Next Trade Points from HereBTCUSD Bitcoin Bitfinex Update: Next Trade Points from Here
Finally a break - so quick it's over - justa quick 100 points. But
these trades can happen so quickly because other traders
have trigger levels and limits pre-set in the market - often on
both sides - They hit and trigger or they don't.
This has to break 7810-7800 range to add or open a new short
back to 7596
10:22 gmt 05:22est
Bitcoin is effectively back to square 1, at the same price point
it was printing 24 hours ago and facing the same problems
again too. A groundhog day so far.
The rally has helped to shift Bitcoin into neutral again from
outright bearish and gives Bitcoin bulls a fighting chance from
here but whilst unable to regain and hold above the 8180 line
on Bitfinex the bears in this fight are not going to raise a
white flag any time soon.
Bitcoin has to push above 8180 and sustain it to break the
bear hold and to trigger the next long shot up to 8400-8456
range with stops at least 30 lower.
But in very near term until 8110 can be taken back and held
by the bulls Bitcoin is still vulnerable to selling pressure with
the 8070 support line now quite important to the near term
from here. It has to break below here to end this near term
neutality and to force it back lower still to 7960-7955. Worth
a short if triggered.
But there is no aggressive short on offer right now. It has to
break below 7800 for that to happen in which case we can
short again back to 7600-7595 range.
So overall neutral to mildly bearish right now - and back to
waiting for the next trade to trigger from here.
For now we need to be patient, to wait and not get tired by
waiting. Yet again.
BTCUSD Weekend Trade Points From HereBitcoin BItfinex Weekend Trade Points From Here
The low overnight was 7820 on Bitstamp, some 30 points away from target range.
To add to the poor call the stop was lowered to 7917 and the high about 10 minutes later was 7922 - that 5 points was just enough to destroy the short for 80 or so points profit when it might have been more. It also prevented a potential reverse long from triggering in the process.
Not too good but could have been worse.
Since then Bitcoin has formed a smaller continuation pattern within a larger bear flag, emerging from its upside with a nice pulse of green up to the next resistance line at 8163 after a high at 8185.
It should come back to the 8046-8013 range where it should then rally again for a 4th and maybe minor 5th wave up which has to break above 8232 line to fly higher still today and trigger the next long from here with stops 50 or more lower if we see it later on. If it can manage this the next resistance lies off the upper parallel of the flag. A sell again from there if touched at any point later this weekend.
Bitcoin Coinbase Update
Bitcoin Bitstamp Update
BTCUSD Next Trade Points from HereBitcoin Overnight
Bitcoin is still stuck within a larger continuation pattern it's
been cranking out since the lows 24 hours ago.
There's a useful dynamic underpinning the rally so far which
has just been tested and held. Day traders are using it as the
final stop/reversal short for longs by look of it.
If long here it's not a bad idea to adopt the same policy.
Whilst it holds can stay long, looking for 6901 and the
uppermost rising parallel - needs to push above here to reach
a maximum upside target at 7150-7160 where it should fall
away again.
And if not, this decline may grind on to 23:30gmt/18:30 est or
longer still (the last continuation pattern lasted four and a
half hours). But so long as it holds the parallels as it does it
Bitcoin can be bought on exit of the upper parallel with stops
below it.
Any break below the rising dynamic will tip Bitcoin into
negative territory and increases the chance that the lower
rising parallel will not only be retested but eventually will
break to the downside. And if it does the fall should be worth
shorting or adding to from there with stops above the same
line once broken below, targeting 6520-6452 range.
Final/last-gasp support here lies at 6452.
If that level gives way by over 10 points at any stage it's a
short once more with stops above 6520. The next support
below here/downside target is 5879, then 5130.
Bitcoin: BTCUSD Sunday Trade Points from HereBitcoin Sunday Trade Points
Well, the long triggered from 7005 was a bad trade- but the
stop was just under 7000 so at least the loss was small - sorry
for that.
Bitcoin hasn't done much though overnight, staying largely
neutral.
It still looks capable of flipping either way from here so we
need to be prepared for both eventualities.
It has not fallen away overnight, but instead formed new
parallels on all 3 charts.
On upside has to break above 7010 to trigger a long with stops
60 or more lower .
And on downside Bitcoin has to break the lower parallel to
start falling away harder from here - then has to break below
6890 to trigger a short with stops above 6935.
But until we see either eventuality Bitcoin is overall
neutral so far Sunday.
Bitcoin: BTCUSD Saturday Update and Next Trade Points Bitcoin Saturday Update and Next Trade Points
Bitcoin went into the weekend looking like it was just a matter time before it broke lower still. All that consolidation below structure to the left of price was saying that no-one wanted Bitcoin above 6666. By 22:00 gmt this level really had taken on major significance. The number of the beast or no, it was also now the dividing line between Bitcoin staying negative and flipping back to positive.
Then at around 01:50gmt there was a massive whale attack.
And although primed for just such an event this weekend, we've never seen an attack out of far East like this for months now. It was big volume - a serious attack.
The trigger for the next long was a break above 6670. Since then Bitcoin has surged up to test the junction of the fixed and dynamic resistance lines at 6909 with an intra day high at 6917 on Bitfinex.
Now it needs to consolidate some more and is doing so by unwinding in a 100 point range with support underneath provided by the 6817 line here.
Can either close out here around 6868 for 218 points profit overnight or stay with it with a stop under 6800 for 120 or so profit if struck.
Am doing former as it's the weekend, looking to re-enter long only once 6909-6950 range is broken above, looking for a rough 400 point rally to 7266 minimum and more likely to 7431.
On downside support at 6818-6800 line must continue to hold up on retests today for Bitcoin to remain positive from here.
A break below 6800 will tip Bitcoin back into bear territory and trigger the next near term short from here if we see it, back to 6666 - where it should bounce again.
We are still stuck in the range with the weekend ahead. Unless 6950 can be broken above that looks likely to remain the case for a while longer this weekend - but with some decent near term trading opportunities ahead of us all the same.
Bitcoin: BTCUSD Trade Points Thursday Bitcoin Coinbase Update
A wild night of opportunities has unfolded. Once Bitcoin broke
the little channel it was left tracking at around
01:00gmt/20:00est it came back to testthe underside of the
same minor parallel at 6800 before falling away ...right back
down tothe bigger parallel which was forecast to halt all
declines yesterday. It did exactly that in a technically perfect
display of parallel power all day long.
And then, once it breaks free of the parallels holding it down
at the lows it powers back up (long triggered here, ideally)
and then moves between the blue lines of fixed resistance as
it pushes higher.
It's now touched the 6900 next long trigger and should
consolidate here back to 6850 and to the dynamic
underpinning today's rally - has to break that dynamic to
trigger a short from here with stops above the dynamic.
And on upside it now has to break above 6910 and hold up at
6900 on retest to trigger next long with stop 50 or so lower.