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Territory

BTCUSD: Scope for further Near Term Upside within Bear FlagBitcoin Continuation pattern forming after the failed break earlier. Just a bear flag so far. 6710 first support and if it's going to bounce it should be from the lower parallel of the nascent pattern - but there's no real interest A worry for any brave bulls at this point. In very near term we may get a bit of buying into US open - may regret it later but am not looking to follow it higher even so at this point. Looking to short again from higher up towards 6840-6860 if the current rally lacks any volume as it rises orif 6700 gives way first with a stop around 30 or so higher, which is risky, as below, if we see it happen. As yesterday, on the downside there are a series of closely positioned support levels beginning at 6660, then 6518-6481 and last gasp support at 6428 - which must hold up today for Bitcoin bulls to stand any chance from here. This might make trading the break lower trickier than usual so will need to take care if trading this part of the range. But any failure to hold 6420 from this point today will likely flip Bitcoin down to 5887 next. So 6425 is most likely the point that swings and day traders are likely to start to short more aggressively when broken with stops either quite tight above, and no higher than 6620.
BITMEX:XBT
by sumastardon
5
Entering BEAR TerritoryWe are entering BEAR Territory. Daily 50 MA crossed 200 MA, so called DEAD CROSS. This could be Correction, but more likely Entering BEAR if falls 20% over 2 months period (by definition). We have to watch more. Reason is follows: 1. stock is overvalued. 2. Earning growth is stalled. 3. Global economy is entering recession. 4. US manufacturing, GDP is falling down. 5. global trade is falling down. 6. Fed is no longer promising to support market.--no 0% interest rate, no QE for now. This could be changed any point of time at Fed meeting, but for now, pointing down. If stock price is below 200MA, and 50MA, I only short at the high peak. I wait till price goes up to the highest peak. I do nothing until then. Then, start to short once I noted peak is start to fall down.
AMEX:SPYShort
by dspark123
2