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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.
BITSTAMP:BTCUSD
by sumastardon
1
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.
BITSTAMP:BTCUSD
by sumastardon
15
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.
BITFINEX:BTCUSDLong
by sumastardon
4
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
BITFINEX:BTCUSD
by sumastardon
11
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
BITSTAMP:BTCUSDLong
by sumastardon
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.
BITFINEX:BTCUSD
by sumastardon
1
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
BITSTAMP:BTCUSD
by sumastardon
11
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.
COINBASE:BTCUSDLong
by sumastardon
3
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.
BITSTAMP:BTCUSD
by sumastardon
9
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.
BITFINEX:BTCUSDLong
by sumastardon
11
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.
COINBASE:BTCUSD
by sumastardon
16
Bitcoin: BTCUSD Monday Trade Points. Bitcoin Update Monday Trade Points Still messing with heads as it makes a 4th and likely final wave up before it falls away again. Once it breaks below the lower parallel of the continuation pattern it's now tracking within it should begin to fall away faster and can be shorted again from there with stops above the line when broken. Unlikely to trade much higher than 7080-7100 range on Coinbase before it falls away again. The overall pattern, despite the rally attempt, is still bearish so far. Beyond this little rally underway now it will have to move above 7100 and hold to flip back to positive again in near term - that would be a surprise - but we still need to be ready for it in case - in which case it will start flipping stops again and can rally fast to 7316 at highest before it comes off again.
COINBASE:BTCUSD
by sumastardon
3
BTCUSD: SundayTradesBitcoin Bitcoin Sunday Update Sunday Trade Points 16:40gmt/11:40est Since breaking higher on US opening interest Bitcoin has surged above the small dynamic and triggered a quick 140 win up to 8600 in the process - but the rally has been short-lived and was quickly sold above 8600, bringing Bitcoin back down towards the first support line at 8450 again. It's a speculative buy again here with stops just 25 below for smallish loss if wrong from here. 11:33gmt/06:33est Overnight Bitcoin has fallen to a low at 8364 on Bitfinex which is 26 points shy of the downside target at 8337 before rallying. The lows on Coinbase and Bitstamp were 8400 and 8398 respectively, quite a big difference. After a challenging Saturday Bitcoin is trying to build a base come Sunday morning. But it's still vulnerable whilst unable to break above 8600 and until it can find buyers enough to break above here and to trigger the next swing long Bitcoin is likely to range trade between resistance at 8600 and support at 8450 with day traders selling off 8590 with stops above 8600 and trying to push it lower. But it's not reacting much and no great sell stampede is being triggered as yet. Despite near term downward pressure Bitcoin only turns back to full-on negative again if 8245 is broken at any point later today, so it's only at that point that the next swing short will trigger, targeting 8047 initially and then, after a bounce there, back to 7525 On the upside, in very near term, there is a tiny dynamic holding back price to the upside which day traders are using as a stop line for shorts so far today. A break above the line, now at 8460 will trigger a fast 140 point surge to 8600 where it should pause again and come off some more. For it to turn back to positive today and to trigger swing traders back long from this point Bitcoin then has to break above 8600 and hold on Bitfinex to trigger the next swing long from here, looking for a rally to 8777 initially and then, after consolidating some, a move higher still to 8995-9094 range. But until that little dynamic above price is broken to the upside Bitcoin remains vulnerable to further selling near term pressure. *For fastest Bitcoin updates on weekends please see top-left of main page for link
BITFINEX:BTCUSDLong
by sumastardon
8
Bitcoin: BTCUSD - Consolidating recent gains: Next Trade Point Bitcoin BTCUSD Tuesday Trade Points Price action since Sunday's break out has been listless and lacking any real direction. However there is still bull evidence mounting - firstly it has not broken down completely after losing the supporting dynamic yesterday, but has instead formed a continuation pattern on top of yesterday's flag, using the same lower parallel as support. That shows underlying bullish intent is still present so far. But for that to be confirmed we need to see it break above the upper parallel - if we see it we can follow long again with stops under the same parallel by 50 points or so once broken. Until that happens and it remains within the pattern there is no clear trade right now. On downside, should the lower parallel of the continuation pattern fail at any point today Bitcoin should start to fall away further and becomes a short once more with stops 50 or so above the central (of 3) parallel which lies at 8300 right now. At some point fairly soon we should get a signal worth trading again. Until then Bitcoin belongs to the bots and day traders trading between the parallels- and even they are finding it difficult now. Patience. The next trade is getting closer by the hour - we often see an upward burst at 12:30-15:00 as US wakes up but we really need to see that upper parallel broken for confirmation that Bitcoin is still positive and to follow long again from here.
BITSTAMP:BTCUSD
by sumastardon
6
Bitcoin: BTCUSD Next Key Trade Points for Sunday TradesBitcoin Trade Points for Sunday Trades Update: Bitfinex Feed 12:27gmt/07:27est Bitcoin is really trying to break the downtrend here - a bear engulfing green ...can buy or add once it's broken through to upside if we see it. It's tracking a narrow corridor/band of uncertainty right now, trying to figure out he next move - cannot be trusted for sure as a result but it looks to be trying for the upside now, at least. Use a stop and try to run it up if possible if this break does actually materialise from here - it may not be possible except in head, but watch for a failed break - this time last week in 10 minutes'time we got an amazing burst upwards if you remember... It's Bitcoin - anything can happen anytime. That's half the fun, isn't it ? Downside potential still as comments above Sunday 10:32 gmt/05:32est Update Bitcoin Sunday Although Saturday was a slow day again we did at least manage to squeeze 310 points on the first short and then 200 or so on the counter-rally long before getting stopped out. Overnight Bitcoin has fallen to the next downside target at 7547 making a new low for this decline at 7550. If you were up and around for that move too then you've had a very profitable Saturday. Some people still have to work for a living...whilst others play Bitcoin. Those with long memories will know that 7547 was the most likely downside target mentioned back in the mists of time, nearly 2 weeks ago now. But the overall pattern is still bearish nonetheless. If you reversed back long at 7550 you have traded brilliantly and don't need much help or much guidance here any more. But the rally from the downside target has been feeble so far and if long here you'll know already that this is still high risk (but still the right trade as the stop can be very close to entry, just 20 or so under 7550 entry, so low risk but potentially high reward). It can easily come back to the low again at 7550 but it has to hold up here for any failure to do so at any point today by more than 20 points will flip Bitcoin back to negative yet again and force it lower, most likely to the next support line at 7221 and then, once this gives way, back to 5915 on Bitstamp where we will probably look to buy again if price action allows. Returning to the upside Bitcoin is tracking within a small parallel and cannot be bought again from here unless it is broken above - and only then for a spurt back to the bigger dynamic waiting above it at around the 8079 level. As things currently stand this level is the key to the upside for Bitcoin over the more medium term. It has to break and hold above here for the bulls to regain any real control. Once again, even if that looks unlikely right now, we still have to be prepared for any eventuality. It's Bitcoin, after all.
BITFINEX:BTCUSD
by sumastardon
Bitcoin: BTCUSD Saturday Trade Points Bitcoin: BTCUSD Next Trade Points Saturday Yesterday's price action has created another bear flag, smaller in scale than the one sitting above it, but so far quite simailar. It looks to be better defined than the last one which hopefully will create a signal worth trading off when it comes... The overall pattern is still bearish so the break, when it comes, should be downwards. But this is Bitcoin. We need to be ready for either eventuality this weekend. On downside a break below the lower parallel of the continuation pattern at 8070 will flip Bitcoin back to negative again and it should then begin to slide away further to 7700. Any failure to hold this level during the course of this weekend would then be likely to attract even more bears out of the woods and force Bitcoin back down through the support lines to 7547, then 7221 and then right back to 5915 on Bitstamp. Worth following once 8070 gives way with stops 100 or so higher. On the upside Bitcoin has to break and hold above 8460 to trigger a long up to 8847 initially, then a second long from 8855 to 9360-9467 range. Any such upside price action can be followed if we see it. It may look unlikely. But we still need to cover it just in case.
BITSTAMP:BTCUSD
by sumastardon
3
Bitcoin Futures Chart Update: BTC1! Next Trade PointsBitcoin Futures BTC1! CME Near Date The futures chart is showing some of the clearest trend lines at moment so is worth a look. Price action yesterday has not helped the bull cause. The chart shows Bitcoin is still in a very precarious state. Yesterday's fencing battle with thrusts upwards and spikes down was by turns dreary and stultifying and mixed with moments of excitement that untlimately led nowhere slowly. Although there is minor support at 8570 here it is not likely to hold up for long. No evidence of human activity now, just bots battling in no-man's land. After yesterday's small-scale roller- coaster ride of flips and false breaks not even day traders are showing much interest now. But the Bots have won a hollow victory in near term. They've effectively scared the market to a near stand-still. Once bitten, twice shy. Another test of 8286 line looks likely here soon. Although it should try to bounce from here the overall pattern is suggesting that this level will break eventually and trigger a short to 7619 initially. In turn a break below here is likely to lead to a retest of the lows at 5950. On the upside any rally from here is likely to get rejected by the dynamic now forming from the last rally high. Cannot think about a long from here unless 9300 is retaken and held by the bulls. That would turn Bitcoin back to positive again and can be followed if we see it happen. It looks unlikely now but we still need to be prepared for both eventualities just in case. But until we get a clear signal as above the best course of action right now is to keep powder dry and try not to get sucked into false breaks in the meantime.
CME:BTC1!
by sumastardon
BTCUSD Bitcoin Weekend Trade PointsBitcoin Saturday 9th March Next Trade Points Overnight Bitcoin has rallied to the next line of resistance listed at 9493 with an overnight high at 9506 reached at the now customary 06:00gmt/01:00est turning point, before falling prey to profit takers once again. The break above the holding larger parallels was an encouraging signal for the bulls in this argument. But the overnight rally didn't carry much serious intent with it and didn't create much interest really. We did get a second chance to buy at 9000 though and the run up to 9496 was worth another 500 or so points so if you stayed with this through a slow Friday night you at least got some reward for that patience. But Bitcoin is still stuck within a continuation pattern as a result of last night's price action. Now it falls to Europe and then the US to keep the bull flame flickering today. Since 06:00 gmt it's spent 3 hours or so drifting back downwards. There looks to be 2 potential buy points from here. The first is from 9012-8951 range if we see it come off further from here during today, looking for an entry off the lower parallel of the continuation pattern with stops under the same line. The second buy point will come once the small falling dynamic from the overnight high has been broken through again to the upside. If we see this materialise we can follow long or add with stops under the dynamic. It's the weekend and longs are going to need a volume surge to accompany the break higher if it's to be trusted. If we don't see this be very careful with any longs. We could well see a failed break without some decent volume behind it. Initial resistance at 9500-9510 and the upper parallel of the continuation pattern, then 9831 and 10112. To really start to rally hard Bitcoin will have to break free of the continuation pattern it's being held within, busting through the upper parallel. But it's the weekend and it will need some serious buying later if this is to materialise for us. Looks unlikely right now but if it does happen today at any point we have to follow/add, with stops 50 or so below the break line/upper parallel. It may be unlikely but it's Bitcoin. We have to be prepared for all eventualities, even on a weekend. Returning to the downside: we have a bunch of tiny spikes forming above price on the 15 minute chart but there is no selling pressure, more lack of interest. It can drift lower as a result, back to 9000-8950 but it must hold up here, off the lower parallel if Bitcoin is to stay positive today. A fall below 8950 would tip Bitcoin back into bear hands again and likely force it back to the 8784 line again at least and more likely back to 8356 where it should begin to rally once more. The 8356 line is now critical support for the bull case. Any failure to hold at any point over the weekend will create another run lower, to 7835 at least and more likely to 7547. This looks unlikely at this point though, so long as it remains a FUD-free weekend.
BITFINEX:BTCUSDLong
by sumastardon
26
BTCUSD: Bitcoin Friday Trade PointsBitcoin Friday Update: Next Trade Points Overnight Bitcoin only managed to rally as high as the previous low at 9453 in this run and never stuck the final short stop which was just above 9500 before falling away another 1100 points to make a low, so far, two support lines lower on this chart at 8422 after a new intraday low at 8370. Once more we have the spike low at 06:00 gmt and a secondary low at 09:30gmt. That 'sketchy' lower parallel drawn out yesterday actually proved the perfect near term down-side target as it struck the junction of the parallel and the fixed support line at 8356 at the now customary 06:00 gmt low. If you managed to close out shorts there or on the secondary low off the line at 8356 around 09:30 then you have traded very well indeed. Hats off to that. We've had 4 waves down and yet again another near term double bottom so there is a chance that it could find bottom here. But upside is being held back by the 8736 line now . If still short lower stop again to 8915 or can close out here around 8600. The next short triggers on a break below 8350 for a move back to 7835 and potentially to 7547 on Bitfinex feed.. Upside Bitcoin is trying hard to rally but it feels like bots here just grinding through sell orders right now. It will have to break above the 8744 line for a quick rally to the 9012 line and as high as the upper parallel before it falls away again. Day traders will likely take that trade but swing longs are going to have to stay patient until the upper parallel is broken through to the upside. If we see it happen today or into tomorrrow we can follow with stops under the parallel or wait for a successful retest from above once broken if preferred . But until then it's really a day traders' market now until we see the low broken on downside or the upper parallel broken on upside.
BITFINEX:BTCUSD
by sumastardon
9
Nasdaq 100 Index Potential Trade Points for Week AheadNasdaq 100 Index NAS100 The gyrations of February have created some interesting patterns on Nasdaq. After rallying to double top around 7000 it has subsequently fallen away to create a continuation pattern under the high, finishing the week by closing at the upper parallel of what may be a bull flag in formation. For that to remain the case Nasdaq has to push on higher from here, up through the uppermost small parallel of the potential flag. And that same parallel has to hold up on the next retest from above if and when it is broken above. If it can manage this then the pattern changes from negative/vulnerable to positive. If we see it happen we can follow long again. But until we see this price action materialise this index is still vulnerable and whilst unable to burst higher from here is therefore liable to fall away again on lack of buyers. If so the next question/clue will be: can make a higher low at around the 6694 line ? - that would be first bull signal - and the second would be breaking back above the upper parallel and holding on retest (above) - if so, it can be followed long. Worth watching in the opening 30 minutes or so of whipsaw as the market opens - we may see a chance of a long emerging as the dust clears a little 30 to 60 minutes in. If so it should re-visit the highs again at 7000-7035. A move above 7045 would in turn be another very bullish signal, suggesting further medium term strength up to 7660 and nearer term strength to 7246. However, until Nasdaq can make this break higher it's still vulnerable to a potentally large sell off again. Near term support at 6775, then 6994-6687 and last gasp for the bulls from here at 6614. It must hold up here during the course of this new week if it is avoid a further and potentially steeper decline back to 6371, presenting a good short if we see it develop at any point over the next day or two.
FX:NAS100
by sumastardon