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China’s Bitcoin Crackdown China’s Supreme Court has issued a ruling that specifies penalties for offenders who use cryptocurrency to raise funds. Penalties range up to 10 years in prison and fines of up to 500,000 yuan ($79,000). China’s years-long crackdown on cryptocurrency has stepped up another level, thanks to a new Supreme Court ruling that paves the way for fines and potentially lengthy jail sentences for citizens found guilty of fundraising via crypto tokens. Released earlier today, the Supreme Court’s decision specifies that “virtual currency” transactions used for raising funds can be prosecuted, with varying penalties available depending on the amount of money raised via the transactions.
BITSTAMP:BTCUSDLong
by rentooipili
Bitcoin: BTCUSD Grinding Higher - But Raise Stops Bitcoin: BTCUST Last Update 01:20gmt/20:20est Bitcoin is continuing to grind higher, still contrained by the parallel above it.It's double topping in the near term - has to find buyers enough to push above the high at 11490 on Coinbase feed but will likely still get rejected by the parallel above it even it can push higher now - but grinding upwards towards 11765 completion target perhaps sometime around 14:30 est tomorrow. A small speed line is forming under the lows of this break so far and bulls will be looking for it to hold firm to avoid the risk of Bitcoin topping out in near term and moving into a dull energy sapping sideways to downwards movement due to lack of follow through come far east opening. So It's Ok for swings to stay long for now in hope of 11765 later but consider raising stops to under the little dynamic by 50 points or so to trap in 300 plus points profit for the day even it does wrong from here. It's been hard work all day. It would be a shame not to let it run, but also a shame to risk it slipping away. These choices are ultimately down to profile, as usual. Any move and hold above 11765 (could only be due to far East volume buying) would be extremely bullish - but unlikely in the near term. Nevertheless if wrong and we see it happen at any point over the next 24 hours we follow long once more.
BITFINEX:BTCUSDLong
by sumastardon
BTGUSD: raise stops here/trail under dynamicBTGUSD After losing the dynamic support yesterday BTG fell away to probe structure to its left and leaving pin bars of buying intent at 240 but never quite struck the support at 235 before bouncing away again - creating a new dynamic support line under the day's lows, like yesterday. Still grinding higher but meeting quite heavy selling and now pin bars of resistance from 290 . Still a good strategy to run a trailing stop under the dynamic and maybe stick a limit order between 294-299, looking to buy back at 282.
BLong
by sumastardon
Litecoin: LTCUSD Raise stops nowLitecoin Update Well the buy point on the break of the parallel was OK but the rally has been disappointing. Pin bars scattered around 92 and under show interest but stops below 91 will have been hit unless you delayed for the second buy point. Very annoying. That pin bar showing off the high today is not good. Either raise stops to 95 or can take profits here for 5% win at 97.5. Would be ideal if it came back to 92 again to buy once more with stops
BITSTAMP:LTCUSDLong
by sumastardon
4
BITCOIN: BTCUSD Approaching highs - raise stops nowBITCOIN: BTCUSD A fantastic day for bulls of Bitcoin has seen it rally back towards the highs. No stops we hit on longs and after problems gettting long here on Thursday and staying with it before stops got hit. Friday was kinder, steadier. We are many hundreds of points to the good here and need to protect profits now...See those 3 fantastic continuation patterns it hammered out during yesterday? Two strikes = 'hot' . All three times. These are the signals we need to familiarise ourselves with for the future..if you can spot these you have a key to the future...For day traders the nearest support is close at hand, at 11050 - failure here will mean a quick fall to 10970 - and should that fail it will comeback to 10638 where it becomes a buy again. And if Bitcoin can hold up here at first support/11050 it will then go on to test the high at 11390 - look to close out longs here and only re-enter long on a break of the highs by 90 points looking to buy again on successful retest with stops below 11200. Swing traders who got long from much lower (9400-9500) are showing about 1600 points of profit now in 25 hours ...use 11000 as a stop, just under and buy back at 10640 if stopped out now. Day tarders can use the upper paraallel of the top flag on the chart ...just UNDER 11000
BITSTAMP:BTCUSDLong
by sumastardon
4
Litecoin LTCUSD Testing important resistance: raise stops againLitecoin/Dollar LTCUSD Litecoin Dollar LTCUSD Testing important resistance at the old highs and so far standing up well. Once again it needs buyers here to push it out of the reach of bears at current levels. Litecoin found buyers exactly where it needed them and has since pushed 5% or so higher. The longer term chart (left) shows price straining against the old high , but actually it's sitting right on top of it, trying to pin it down and use it as support. It's doing well so far but the shorter term chart shows price getting squeezed into a narrowing funnel where a decision has to be made quite soon now...it either pops above the upper dynamic and makes a run for 109 - amazing, but possible, even though it seems unlikely. The Dow and Nasdaq have done exactly that this year already, so it can't be dismissed as outrageous altogether. But, on the other side of the coin, there's also a 50/50 chance (probably 60-40%) that price will lose the support of the lower dynamic and then fall back to 89 at least.This wave of buying has seen 4 smaller waves running inside the funnel, each one getting smaller in size, which is hinting at potential exhaustion here, a natural place to encounter profit taking. Suggest raising the stop on longs to a little under the dynamic support if day trading, and increasing longs if the upper resistance line can be broken through and survive any retest. swing traders can keep their stops at 88 for now.
BITSTAMP:LTCUSDLong
by sumastardon
DASHUSD: Up 80% + in 13 days:Time to raise stops/watch this flagDASHUSD Update We were so lucky to get filled at 305 back on November 10th just an hour or two after the last Dash forecast went live and trade is still live and going well, so far. But it could be fading here, it's falling away from the top of the flag and needs buyers to push higher and trigger the next addition to longs. If we see this the stop on all positions can be raised to just under the upper parallel at the point of break out. If at any point buyers fade away and sellers are able to drive price below the lower parallel all longs must be closed out as quickly as possible to trap in 240 points of gains, up 80% in 13 days so far. Bitcoin eat your heart out.
BITTREX:DASHUSDLong
by sumastardon
1
Bitcoin:BTCUSD Raise stops nowBitcoin: BTCUSD Upload Limit keeps triggering so will try to cover next few hours here, not minutes, which is not exactly easy at best of times... So far so good: support at 7346-7350 has held up well and stops remain good, so far...It's likely to keep running into profit takers in the zone from 7500 up to the highs at 7590 so if you want to close out in this range it's not a bad idea, looking to buy from lower down again or alternatively increase once 7600 (TYPO IN TEXT ON CHART, not 7900 repeat not, breakout is 7600) is broken on the upside (whenever that comes). or use a stop under 7430 to trap in nearly 300 points profit so far) Near term support at 7430 for day-traders, a break below here should see further declines to 7347 to begin with...so suggest a stops as above looking to buy back at 7350 area if tested...but with a stop under 7350 by at least 10 points, because if this level is broken on downside the it will hit 7270 most likely, if not the next listed support at 7137 before bouncing again. Swing traders who didn't catch the break above 7137 last night are advised to sit tight for now, awaiting a break above 7600 to go long with stop 60 points below to begin with.
BITSTAMP:BTCUSDLong
by sumastardon