Bitcoin: BTCUSD Bigger Picture and Clean Chart
We are long from 3 buy points today:
!st was the break and hold above key resistance at 6950
(after closing out a 230 point gain as this level was hit and then
losing 50 points on the ensuing short from the same level)
2nd on first touch of the lower parallel at 7090 (stop 50 points lower)
3rd on the break above the continuation pattern highlighted earlier today at 7170.
Need to put a stop under some fairly hard-won gains and also put a limit level on
for exit, if we see it, before the stops get hit.
The stop on all positions can placed just under 7200. Bitcoin
has been good to day traders again, pinging off support and
resistance lines, though the lows were 13 points higher at
7090 than we could have done with as the perfect entry point
if 6950 break had been missed earlier.
That spike off the 7346 resistance line is the first for a while
and so it could be that when far Eastern markets open it could
get sold off...if so, look to buy back at 7134 and below down
to 7090 with stops under 7060.
On the upside, providing we don't get stopped out first,
we should look to exit at 7540, or just under.
We are long from 3 buy points today:
!st was the break and hold above key resistance at 6950
(after closing out a 230 point gain as this level was hit and then
losing 50 points on the ensuing short from the same level)
2nd on first touch of the lower parallel at 7090 (stop 50 points lower)
3rd on the break above the continuation pattern highlighted earlier today at 7170.
Need to put a stop under some fairly hard-won gains and also put a limit level on
for exit, if we see it, before the stops get hit.
The stop on all positions can placed just under 7200. Bitcoin
has been good to day traders again, pinging off support and
resistance lines, though the lows were 13 points higher at
7090 than we could have done with as the perfect entry point
if 6950 break had been missed earlier.
That spike off the 7346 resistance line is the first for a while
and so it could be that when far Eastern markets open it could
get sold off...if so, look to buy back at 7134 and below down
to 7090 with stops under 7060.
On the upside, providing we don't get stopped out first,
we should look to exit at 7540, or just under.