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
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.
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
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
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
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.
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
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.