BTCUSD: 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.
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.
This feed had to break below 8660 and the lower parallel to trigger next short which it did before rallying back up to break level, exceeding it by 11 points before falling away again. It's now testing the support line at 8400 which is previous structure highs.
Although it should put a fight here for a while and can rally back tot the upper parallel again it should fall away again later.
Can close out the short here and re-enter on a fall below 8370. It should fall away in stages then to 8225, then 8155 and perhaps finally to a 7946 low.
On the upside Bitcoin has to break above the parallel controlling the upside to get any near term respite from the bears .