UPDATE 6/16 - 6/17/2015 8:29AM EST
Buy stop was triggered going over $237 and the target was immediately reached at $246-$247.
Short positions were stopped out at small losses.
In my "KEY HIDDEN LEVELS CHATROOM" - I posted a heads up to BUY BITCOIN yesterday 6/16 because the range was expanding to the upside, which confirms the uptrend.
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Bitcoin has been quiet for the past month as prices consolidated in a tight range around the $235-$236 MODE where 14-days have traded there since the peak in early May.
I realize it doesn't do much good to point out that BTCUSD was an interesting buy down at the low, but I have to point it out to see how a market is moving and reacting. We can't catch all the turns and lately I've just let Bitcoin move away from the mode before setting up a trade. At least with this method you can pin point a level in advance (which is now "in hindsight").
Another trend here is that we have had two "range expansion" days that have occurred on this decline out of $236. Typically those are bearish and imply lower prices ahead, so if you were long you could exit right here and go short. The buyers that should have been at $229-$228 (low volume area) didn't support the market, so those are resistance areas too on this rebound. If we get over $230, then I would walk away from shorts. And if prices get over $237, then I would get bullish and look for an equal move to the upside to the $246-$247 area.
Tim 225.40 last BTCUSD
June 2, 2015 11:54AM EST
Buy stop was triggered going over $237 and the target was immediately reached at $246-$247.
Short positions were stopped out at small losses.
In my "KEY HIDDEN LEVELS CHATROOM" - I posted a heads up to BUY BITCOIN yesterday 6/16 because the range was expanding to the upside, which confirms the uptrend.
-------------------------
Bitcoin has been quiet for the past month as prices consolidated in a tight range around the $235-$236 MODE where 14-days have traded there since the peak in early May.
I realize it doesn't do much good to point out that BTCUSD was an interesting buy down at the low, but I have to point it out to see how a market is moving and reacting. We can't catch all the turns and lately I've just let Bitcoin move away from the mode before setting up a trade. At least with this method you can pin point a level in advance (which is now "in hindsight").
Another trend here is that we have had two "range expansion" days that have occurred on this decline out of $236. Typically those are bearish and imply lower prices ahead, so if you were long you could exit right here and go short. The buyers that should have been at $229-$228 (low volume area) didn't support the market, so those are resistance areas too on this rebound. If we get over $230, then I would walk away from shorts. And if prices get over $237, then I would get bullish and look for an equal move to the upside to the $246-$247 area.
Tim 225.40 last BTCUSD
June 2, 2015 11:54AM EST
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