sumastardon
Long

Bitcoin BTCUSD On The Brink Next Buy and Sell Points Today

BITSTAMP:BTCUSD   Bitcoin / Dollar
Bitcoin             BTCUSD             Update Next Buy and Sell Points
The overall technical picture has not changed for the better
as yet. Bitcoin             is now on the brink, staring at a large 2000
point abyss. Even at these lower levels where it found willing
buyers late last week, today it finds none. Dead cat bounce.
It's still a speculative buy at 7700 and close but only with a
tight stop just under 7690 for small loss if wrong and ready to
reverse this position to short if 7680 gives way looking for
7430 to begin with. Then once this level gives way it becomes
an aggressive short back to 5591 whhere it should get a good
bounce again.
The other potential long entry point will come if 7700
continues to hold out - then need to see it take back 7945 line and
hold up there and then break above 7820 annd hold again at
7945 on that next retest...then can look to enter longs with
stops below 7900.
Kommentar: Bitfinex Chart
This really only becomes a buy once the little dynamic above price is broken through....it's just full-on
bearish until then...only a speccy buy at best at lowest levels because the stop is so close...ready to reverse as with Bitstamp chart


Kommentar: Bitfinex Longer Term Chart
Kommentar: Coinbase Chart
Coinbase Chart
Key levels on Coinbase are: 7725-7700, 7522 and the 5656.
Also an old dynamic support here, not really evident on others, at about 7150 but it's minor, so if this now breaks lower than 7700 by much more than 20 points or so it will start to move down to 7522 and then try to hold/bounce. Eventually if will likely fail and selllers will take it back to 7150 and then to 5656 on Coinbase where it should get a good
Kommentar: Stop on any shorts on Bitstamp at 7735 - for small loss if wrong....there is support here which is holding (not on other feeds) so am using a tight stop here...must push lower now for short to stay good...if not forced lower now can close for very small win... can use points as stops on next trade, if so
Kommentar: Bitcoin Key Levels Now
Trying to get all the key numbers and levels aligned across 3 different exchanges is not aesy at best of times but these look to be the key numbers for each, as best as can be ascertained:
Coinbase: 7550-7520, 5650-5521
Bitfinex: 7448, 5570-5434
Bitstamp: 7505-7420, 5600-5591, 4689.
With US about to open am closing down all shorts for 100-150 gain at most and going flat, looking to use the small win as stops on next trade - others may wish to stay short but stop has to stay 7735 for now.
Am only going aggressively short once all the key levels (above) between 7520 and 7448 on each exchange is broken with stops 210 above the key levels on each exchange
Bitstamp

Bitfinex Chart

Coinbase Chart
Kommentar: Correction to above : only going aggressively short once all the key levels (above) between 7520 and 7420 on each exchange is broken BY 25 POINTS or more - with stops 210 above the key levels on each exchange
Kommentar: Coinbase
Chart bending down into a waterfall now...each rally to the last low preceding it. Classic stuff. Parabola on way up - inverse on way back down. This fall is going to present a great opportunity, most likely, when it reaches the 5600-5500 range.
Lower stop to 7170 for now or keep a trailing stop in head and follow it down.
Kommentar: Coinbase Update
If you kept the stop trailing down under price you've done well - and if you held the short you have have also done well - about 800 points profit so far. Maybe close out a third now though and see how it reacts towards 6634 on this decline...if it holds consider closing out completely. And if it breaks by nore than 20 points can short again to 6171 at least and then if this breaks to 5434 final flush out low where look to build longs again with stops 100 or so lower
Kommentar: Coinbase Longer Term chart with 2 more break levels down to final flush at 5434 - both 2 separate shorts with potential to buy again at 5434 if we see it halt there and start to fight as it should.
Kommentar: Bitfinex Chart
Kommentar: Drop stop to just above 6955 on Coinbase if still running this short.
Cannot really think of buying this until it either hits downside target or until it can break back out of the parallels it's begun to form (upper) - which must then survive the retest from above once broken.
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