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BTCUSD Bitcoin Next Swing Trades From HereBitcoin Chart Updates XBT A slow weekend of range trading has given way to an equally slow start come Monday. It's held up well through Saturday and Sunday but here is still no intererst above the 8298 line as yet. Spikes of desire off the 8070 line and rejection spikes above of equal dimensions from the 8298 line show equal indecision here at these levels. Unless day trading within this range it means swing traders have to wait a while longer for a resolution to the on-going fight between the two battle-lines that have been laid down through the weekend. A break above 8300-8315 range is needed on the upside on rising volumes to follow long again looking for 8576 initially. Then has to break above 8600 from that point to trigger another long shot to 8884-9020 range. Next resistance levels above here lie at 9388 and then 9898. And on the downside Bitcoin has to break below 8080-8050 for the bears to win this long drawn-out battle and to follow short back to 7788 initially. There's a second support level at 7661. A break below here should be worth following back to 7347-7209 range. Then there's a bigger break on any fall below 7200 back to 6792. Wave Counts How many waves up have we had? 3 or 4 from the low. If it's the 4th for sure then this rally is already getting past its sell-by date. If it's the 3rd it means we could still yet see a 4th. Hence this only adds to uncertainty. However, if we've had 4 and it now breaks below the 8080-8050 range it's unlikely to just fall away to 7788 and then bounce away again. There will most likely be 3 or waves down - so swing traders can short from 8050 with stops above 8080 and let it run. Upside strength from here is not so certain. Look to scalp the break if it comes on the upside later. We need volume to come in behind us as usual to know the break is good.
BITMEX:XBT
by sumastardon
2
BTCUSD Next Larger Trades from HereBitcoin (Bitstamp) Update Just flipping up and down inside the continuation pattern so far still. What looks like 3 minor waves up so far - can be another one soon but still the pattern here is not worth trading unless playing off the minor parallels for scalps right now. As before it has to break the 8468 line here for a rally to 8539 where there is quite a lot of overhead resistance potential. Bitcoin really has to break above here to start attracting more buyers and to start flipping short stops quite quickly. So this is the point where swing traders are most likely to join any rally - we can too if we see it happen later. Otherwise the field belongs to day traders in the near term. On the downside we need to see a break below the lower parallel of the continuation pattern to trigger another short. If the bears can keep price under the lower parallel this will eventually fall away again until buyers can be found once more. It should then fall to the 8240-8161 range and when broken below will start to pick up speed to 7797 at least, if not to 7562. But be careful of the break lower if and when it comes. It may only fall to 8286 -8240 range to start with - if it rallies again from there do not want it bouncing much above 8351 and back to the underside of the lower small rising parallel once broken below. And ideally we want to see no real bounce at all - at any rate a break below the 8240-8161 range on this feed by 10 or more points will tip Bitcoin back into negative and us into full-on bear mode again, targeting 7797 at least, then 7562 and potenially much lower still.
BITFINEX:BTCUSDShort
by sumastardon
3
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
BTCUSD Bitcoin Key Levels for Wednesday TradesBitcoin Wednesday Update Key Levels Today Altough we made over 500 points on the downside yesterday and 200 or so on the upside the last long from from 10755 went wrong and we were stopped out for around a 50 point loss. Sorry for that one. Bitcoin has since fallen away and back down the same parallels after making lows at 10400 on Bitfinex in Europe. A little morning buying interest has pushed Bitcoin back up to retest the upper parallel and it is trying hard to break above it now. But it's still too early to think about a long from here. Need to see it break higher still and reclaim 10625 on Bitfinex to trigger a long now, looking to buy the next dip once 10625 is beaten with stops 125 or so lower. Until then, no long trade looks feasible right now. And on the downside Bitcoin is still stuggling and vulnerable whilst trapped within the parallels of the impulse wave. A break below 10400 here by much more than 10 points will tip it back into bear hands and force it lower still, down through the blue support lines as low as 9285. A potential long trade set-up and also a big short if triggered too. The chart will decide the next move and trade for us from here. We can follow.
BITFINEX:BTCUSD
by sumastardon
14
Bitcoin BTCUSD Next Buy Points for MondayBitcoin Monday Update Next Buy Points on Monday Those that ran a trailing stop 50 or so points under the little dynamic supporting the lows of the day yesterday will have been stopped out around 11500 for 400 or so points profit. 4% returns on a slow Sunday is not bad but it was a hard grind battling against the bots. Bitcoin has encountered upside problems all night long, unable to push above the rising parallel which it lost yesterday morning and has struggled beneath it ever since. It topped out at around 04 est /23est and has since started to form yet another small continuation pattern below the same old parallel. Once again Bitcoin is trying to form yet another a bull flag now. To stay good from here it has to hold up off the lower little parallel of the flag formation and start to rally from here again - this is a speccy buy off the lower parallel with stops under the same parallel for a small loss if wrong. Otherwise we wait for the upper parallel to be broken on the upside to follow long again or add. We know this process can be mercifully quick if the flag is to stay good from here - and if not and no buyers appear soon to take the price back up it can drag on for hours more yet and start forming a longer-lasting continuation pattern as yesterday. And as yesterday, and most days recently, we need to stay patient, but ready to act when the signal we are waiting for is given to do so. Downside is being constrained by the lower parallel of the embryonic flag formation - Bitcoin would have to break below this line to turn negative again from here - so cannot be shorted unless we see this parallel fail from here.
COINBASE:BTCUSDLong
by sumastardon
24
GBP/USD SELL - 06/10/2017 GBP/USD fell down yesterday and broke down the lower boundary of the consolidation. The move was abrupt and on large volume + two new resistance levels were created. The first one 1.3184-1.3204, the second 1.3124-1.3145. Both levels contain increased volume. Given all these facts, we should consider exceptionally short positions. We can enter the market after a resumption of the fall from the current level or after a smooth upward correction. A stop loss should be placed above the resistance 1.3124-1.3145. A potential of the deal is 140-150 pips. If the price breaks out the first resistance during its correction, we can apply the same scenario to the level 1.3184-1.3204. The bottom line: short positions are in priority.
Short
by trustbrokergroup
Go for Gold? Sometimes patience are not always rewarded but it is part of trading which I need to accept. My game plan was to long Gold (GCZ2017) if you have been following my trade ideals. So far, besides the occasionally test on 1288-90 then a false break on Fri early price action which might have been triggered by stop loss orders, there wasn't much trade i'm interested in. If on Friday the selloff continued, i will setup to do short trades till the long structure (in green) has been reached, or my bullish Cypher is triggered. Now with Friday's rally, it ended near the short structure which i won't go long due to poor risk to reward, and neither short because the buying momentum is good. So, now i need to wait again for either a long breakout + pullback, or short if this short structure hold up. Luckily, we have so many other instruments to trade and I can put my "Go for Gold" plan aside. I don't wish to assume and take for granted a sure trade. So, keep your ammunition until a clear direction takes place!
COMEX:GCZ2017
by trutt79