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Bitcoin: BTCUSD Still stuck in neutral but not for long

BITSTAMP:BTCUSD   Bitcoin / Đô la
UPSIDE from here Stuck in Neutral Still - Shock...since when was Bitcoin             neutral?
Bitcoin             is doing its best to defy the bears and is technically sound above 6440. It's still a buy
on dips to the pivot at 6470-6440 with stops just under 6420 for small loss if wrong But trade is
slow and whilst below that old dynamic support at 6585 now it's still twitchy and vulnerable -
but once 6640 is broken on the upside it will likely push on to 6730-6750 quickly and then come
off again as day traders unload at 6730-6750...if it does this look to see if it starts to find support
around 6580, off that old medium term dynamic and if so look to buy with stop no more than 50
points under the line - so long as the pivot at 6470-7440 holds, there's still a chance that Bitcoin            
is building up momentum for a surge higher - an AbC pattern with an upside target at 7450-7550.
But that only stands a chance if the near term double top at 6750 can be beaten, to set the move
off and then major resistance potential at 6943 is broken on the upside. We can easily beat the
double top but 6940-6950 is likely to prove difficult to break, almost certainly on the first attempt.
To see that happen though, Bitcoin             has to break above 6750 and then hold on the next retest as
there's more resistance just above at 6810 - so if it breaks above the double top at 6750 and goes
to 6810 , comes off and then holds up at 6750 it can be bought with stops about 50 points lower.
Another way to play the breakout, much more straight-forward, is simply to follow a break above
the little dynamic resistance line running down from the recent high if we see it. The stop can be
quite tight under the line, targeting 6940 where look to close out (and short with stop 50 points
above if a day trader)
DOWNSIDE from here
Looking to short if 6440 gives way for fast test of 6312 , closing out there as it could well bounce
back up to 6440-6475, giving a second chance to short here with stops above 6500 for small loss
if wrong. Then if 6300 gives way at any point we can turn more aggressive, with swing traders
joining the rout, looking for another, bigger decline back to 5747 most likely - a good trade if we
see price action develop as above.
Bình luận: Concerned that newer readers may not know how to trade break-outs and break downs - the most important thing to learn of all - because we depend on them to trade. If this has to be repeated on every comment then BS will cover the entire page, not just 75%. Anyway any breakout must survive the first retest to be deemed successful,meaning when it breaks upwards through a given line of fixed or dynamic resistance that same line should act as support on the first bout of selling after the break out occurs. If this fails to happen and price dips back below the break level by more than just a few points and then you see the line become resistance again in the next minute or two, get out, just close out. It's failed and you're one of the first to realise it. Many others are sitting on the wrong side at that point and some will hold and hope, giving you the chance to get out for a very small loss whilst they cling to hope and watch the price fall away. Same routine on breaks to downside, but in reverse. Same rules for breaks of fixed or dynamic lines of support/resistance.
If you are new to trading, welcome, but please just watch for a while and read up on break-outs. Enough already. Meanwhile Bitcoin is still stalled in neutral but keeps trying to push higher just as the old medium term dynamic rises above it too.It's now at 6600 As it moves upwards, so must the breakout point...we have to see this thing break above 6630 and then hold up at 6600 on any retest, thereby turning the old dynamic into support...this must happen before considering going long with stop 50 points under . But the longer this plays out the weaker the bull case becomes.
Would much rather trade the downside when it comes as it looks clearer. If it does break, next trades are above
Thank you
Phản hồi
Thank again! I am new to trading, so your comments are highly appreciated.
Do you also look at volume of the market (USDT) you are in?
Phản hồi
Thanks for sharing! Should drop lower than 5747 IMHO...
Aloha
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