Bitcoin: BTCUSD Positive whilst tracking within parallels
Bitcoin Coinbase Chart Update
Bitcoin was hanging in the balance by 19:00 est/midnight gmt just before far Eastern markets opened and although it was
looking in a bad way with the threat of an H&S top formation beginning to loom large above it we can never forget that this
is Bitcoin. It's capable of amazing escape acts that make 'Prison Break' look lame and amatuerish sometimes. Bitcoin
does what it wants - and we have to follow it and never look to fight it. How many have tried to second-guess Bitcoin and
come unstuck ? All of us are familiar enough with the ways of this mesmerising monster to know that by now. Bitcoin leads.
We follow. Anyone who thinks they can switch roles is likely to get themselves a new one ripped faster than they can take
their pants down. Again. So once more Bitcoin refused to lie down overnight, breaking
higher from the new parallels it had formed and after 2 false breaks yesterday, the first that got stopped out for around a
50 point loss and a second break that scooped 200 to 300 points before being stopped out yet again (as well as short
from 8170 that had to have a trailing stop lowered behind it as it fell through the break level and should therefore have at
least broken even) - the weekend proved difficult and challenging and all in all those who took time out were the
winners yesterday - until midnight gmt at least
The new week saw Bitcoin finally find some buyers and those who waited patiently and didn't get bored or tired by the wait
finally got their reward - a good break-out emerged to the upside just at the witching-hour, midnight gmt, giving a good
chance to get long again around 8300-8350 on Coinbase and Bitstamp charts. Since then Bitcoin has had two 500 point
pulses higher - both hitting the resistance lines above it almost perfectly on Coinbase (line is at 8821, high so far
today = 8817) though we can have only captured a half of that total so far even if you were around for the break when it
finally arrived. The second 500 point or so pulse upwards started as Europe opened up for business and so those who
missed the earlier break got a good second chance to get long off the parallel at around the 8300 level and just above.
Day traders are closing out again at an obvious point but not creating much selling in their wake now. Usually we get 3 to 4
pulses upwards before the rally is spent so if still long can stay that way and consider raising the stop to under 8690 on
Coinbase as if it breaks below here it will likely revisit the lower parallalel again where it can be bought again with stops
below the parallel for small loss if wrong. As usual Bitcoin should stay positive whilst it travels within the parallels and
only turns back to negative if and when the lower parallel is lost.
Bitcoin was hanging in the balance by 19:00 est/midnight gmt just before far Eastern markets opened and although it was
looking in a bad way with the threat of an H&S top formation beginning to loom large above it we can never forget that this
is Bitcoin. It's capable of amazing escape acts that make 'Prison Break' look lame and amatuerish sometimes. Bitcoin
does what it wants - and we have to follow it and never look to fight it. How many have tried to second-guess Bitcoin and
come unstuck ? All of us are familiar enough with the ways of this mesmerising monster to know that by now. Bitcoin leads.
We follow. Anyone who thinks they can switch roles is likely to get themselves a new one ripped faster than they can take
their pants down. Again. So once more Bitcoin refused to lie down overnight, breaking
higher from the new parallels it had formed and after 2 false breaks yesterday, the first that got stopped out for around a
50 point loss and a second break that scooped 200 to 300 points before being stopped out yet again (as well as short
from 8170 that had to have a trailing stop lowered behind it as it fell through the break level and should therefore have at
least broken even) - the weekend proved difficult and challenging and all in all those who took time out were the
winners yesterday - until midnight gmt at least
The new week saw Bitcoin finally find some buyers and those who waited patiently and didn't get bored or tired by the wait
finally got their reward - a good break-out emerged to the upside just at the witching-hour, midnight gmt, giving a good
chance to get long again around 8300-8350 on Coinbase and Bitstamp charts. Since then Bitcoin has had two 500 point
pulses higher - both hitting the resistance lines above it almost perfectly on Coinbase (line is at 8821, high so far
today = 8817) though we can have only captured a half of that total so far even if you were around for the break when it
finally arrived. The second 500 point or so pulse upwards started as Europe opened up for business and so those who
missed the earlier break got a good second chance to get long off the parallel at around the 8300 level and just above.
Day traders are closing out again at an obvious point but not creating much selling in their wake now. Usually we get 3 to 4
pulses upwards before the rally is spent so if still long can stay that way and consider raising the stop to under 8690 on
Coinbase as if it breaks below here it will likely revisit the lower parallalel again where it can be bought again with stops
below the parallel for small loss if wrong. As usual Bitcoin should stay positive whilst it travels within the parallels and
only turns back to negative if and when the lower parallel is lost.
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Bitcoin Bitstamp Chart Update
Bitcoin Bitfinex Chart Update