Well stops have held up nicely if still long here.
But day traders daring to short off the top may well have been hit.
It overshot, but now interestingly is giving the line more serious respect.
We should too.
It's now kissing the parallel having shot through earlier and then
recoiled to first support (just above, in fact). So this gives
swing longs who missed the chance to close out earlier
another gift. It could be making another flag here, p to now,
prior to blasting straight hrough the upper parallel. That
would be nuts to even contemplate with a 'normal'
'stock/instrument, soon to be 'future'.But this is Bitcoin , we
probably need no reminding by now. So either close out here
but be ready to get long again once we see the upper parallel
broken and then used as support on the next decline...if we
see it, it could be quite clean and it could also be very messy,
spending quite some time deciding and flipping either side.
The nature of the beast. Downside girst support for day
traders is 12540 and then the last breakout line at
12318...can easily dip back to the lower pair of parallels if it
cannot attract buyers here pretty soon now...if we see this
develop we look to buy again there.
Having broken the parallel it's near term negative. You knew that too, already, didn't you. day traders can buy the dip by maybe trying with an order around 12331 wit stops below 12277...if this level fails later it's another near term sell back to 11865/twin parallels where it's a buy again for swing traders and day traders alike with stops 50 points or more below the lower of the twin parallels
So at least this time the idea was to see how it behaved at the parallel and if it burst through with big green candles we'd be forced to get back long if not already...there was no signal to sell at all as it hit the line. It was just an amazing show of will and power and of..greed. The will/desire to own a piece of Bitcoin is so like a bunch of pirates fighting over pieces of 8 - just not enough to go round. No one is selling. Why would you. Thank heavens we threw a load in the freezer at prices between 5 and 6 a month ago and threw away the key at 7. There is now no real limit, no parallel no restraint to hold Bitcoin back. Stops on longs can be raised to 1350 to trap in most of the rally from the last breakout at 13250 . All
we can do now is ride it and see how far it takes us from here. But for longer term holders this is just a side-show. They will not sell. End of.