Bitcoin: BTCUSD Update/levels for longs This trade is in balance, but OK above 6450
The trend is overall positive right now barring super near term test of lower parallel and successful, so far, retest of the key
level at 6450 - which looks to be the pivot for day on downside) So If broken at any point and our stop 50 points lower is struck we should look to reverse short
again on the next rally attempt towards 6440 once it's broken - it must then fail there to trigger the short with stop 50
points above. But until the stop is hit, the trade is good and we stay long to target at 6940 and then we look to close out
and get short again with stop 50/60 points above.
We then need price to fall below the lower parallel of this impulse wave with some red candles appearing, bigger the
better...so if don't see this, just some lazy backing and filling but held up by the lower parallel it means Bitcoin is stronger
than anticipated and needs a plan B, again...the width of the parallels is 250 points, great for day-traders and maybe even
for swing traders who are willing to sit with it for a while as one of 3 things occur, most likely:
1. It does what it's meant to, reaches target, get short again, red candles, quite big, a failed bounce and then break of the
lower parallel about 250 lower at 6700 by this point in time and all's well with the short back to 6510 target and then
reverse again, going long with stop under 6420. Sweet.
2. It falls below 6450 and then our stop below here and we're out with 50 point loss plus spreads and reversing completely.
3. It hits our desired target but It doesn't want to break the the lower parallel around 6700 when tested, it holds. In which
case close out shorts and wait to see if the bounce is strong with nice green candles again or feeble and likely to fail ...if
so short gain when failure is evident, on first retest of the failed lower parallel from underneath (with stop 50 points
above), looking for 6510 target, as above from there.
On upside, further out in time, and so we are prepared with straight-forward plans (for experienced traders, anyway) for
any eventuality: Any break above 6960 which is then sustained on the next pull back would be very surprising (so could
happen, it's BItcoin don't forget) and mean we have to long again with stops 50 points under 6940 level.
So the pivot point on upsdie is 6960 by look of thins
The trend is overall positive right now barring super near term test of lower parallel and successful, so far, retest of the key
level at 6450 - which looks to be the pivot for day on downside) So If broken at any point and our stop 50 points lower is struck we should look to reverse short
again on the next rally attempt towards 6440 once it's broken - it must then fail there to trigger the short with stop 50
points above. But until the stop is hit, the trade is good and we stay long to target at 6940 and then we look to close out
and get short again with stop 50/60 points above.
We then need price to fall below the lower parallel of this impulse wave with some red candles appearing, bigger the
better...so if don't see this, just some lazy backing and filling but held up by the lower parallel it means Bitcoin is stronger
than anticipated and needs a plan B, again...the width of the parallels is 250 points, great for day-traders and maybe even
for swing traders who are willing to sit with it for a while as one of 3 things occur, most likely:
1. It does what it's meant to, reaches target, get short again, red candles, quite big, a failed bounce and then break of the
lower parallel about 250 lower at 6700 by this point in time and all's well with the short back to 6510 target and then
reverse again, going long with stop under 6420. Sweet.
2. It falls below 6450 and then our stop below here and we're out with 50 point loss plus spreads and reversing completely.
3. It hits our desired target but It doesn't want to break the the lower parallel around 6700 when tested, it holds. In which
case close out shorts and wait to see if the bounce is strong with nice green candles again or feeble and likely to fail ...if
so short gain when failure is evident, on first retest of the failed lower parallel from underneath (with stop 50 points
above), looking for 6510 target, as above from there.
On upside, further out in time, and so we are prepared with straight-forward plans (for experienced traders, anyway) for
any eventuality: Any break above 6960 which is then sustained on the next pull back would be very surprising (so could
happen, it's BItcoin don't forget) and mean we have to long again with stops 50 points under 6940 level.
So the pivot point on upsdie is 6960 by look of thins