BTCUSD Bitcoin: Trade Points Today

已更新

11:34 Gmt 06:34 Est Bitcoin Coinbase Update
OK. So a little a break higher to bust out bear stops around
7166 - stop hunters and bots! But at least a little
continuation pattern looks to be forming now giving us break
points either side of the smallest parallels . Only gets
interesting again once we see a break either up or down -
which we can follow with stops under 7166 if the break is
higher, and more likely, above the lower smaller parallel of
the continuation pattern on an eventual break lower.

12:59 Gmt 07:59EstBitcoin Coinbase Update
That was a great break up to the next level at 7431 with spikes
above the line to 7479 here. The rejection spikes are big though.
It needs to unwind under the 7431 line .
But on the bull side now we have the biggest green candle for
ages - nothing to compare in the run down.
This is more than a bear a bear squeeze. It's buying intent as well.
So will be looking to buy again from lower down later

* For up-dates in real-time for more active traders please see link at top-left of main page

註釋

Bitcoin Coinbase Update
MMmm. That maybe early stages of a pennant or maybe later a continuation pattern but it looks overall bullish still whilst held within the nascent pennant. And if so it gives us a rough guide to the upside if it breaks higher later - must have volume behind it to bust the top of the pole and if so it should rally towards 7760-7817 range for about 300 points or so.
Otherwise, if the pennant fails it will start to form a continuation pattern next off the lower small parallel on the chart. It has to break below 7300 here on Coinbase to consider a short from here back to 7166 again where it should bounce, so look to reverse again long if we happen to see it later today.

註釋

Bitcoin has now gone into the smallest range in recent history - the closest to flat lining now we've seen.
Could well be that with all other markets popping all interest is temporarily elsewhere.
Nothing changed really so far since last update.
Same old same old. This is now officially THE quietest important market there is right now. How times change. But it cannot persist. Interest should return when the pennant gets busted but be careful of any break higher, needing volume to come right in behind you if trading the upside break from the very point it does break higher - needs to push above the top of the pole and then more volume will be needed to surge higher still. If it doesn't arrive do not wait around - it will come back to the pennant top again at least but should start to find support here again if the uptrend is to go any further from this point, that is the 300 for or so points we'll be then looking for towards 7760-7817 range.

And returning to the downside, if this doesn't happen fairly soon now, in next hour or so, this is going to fall away on lack of interest again. If the pennant fails it will start to form a continuation pattern next off the lower small parallel on the chart. It has to break below 7300 on Coinbase to consider a short from here back to 7166 again where it should bounce, so will likely look to reverse again long if we happen to see it later today.

註釋

Bitcoin Coinbase Chart Update
Another dull overnight session has seen Bitcoin still trading in the continuation pattern it 's been making ever since the break higher 25 hours ago now.
The lows centred around 7400 and latterly off the 7431 line here have not triggered any shorts yet as day traders play the 150 point range within the continuation pattern.
Usually we know that this type of pattern usually ends with a bearish outcome and untimately therefore a break lower. Nevertheless occasionally they can lead to a break higher so we need to stay alert to that lesser possibility too at moment.
On the downside a break below the lower parallel at 7440 followed by a break of the nearest minor support at 7379 will flip Bitcoin back to negative again and force price back to 7301 for an 80 point or so scalp to begin with and then, once broken to 7166 where it should bounce again if touched later.

Returning to the upside from here Bitcoin has to break above the upper parallel of the continuation pattern to to risk another long from this point and hold on to the lower parallel of the pattern on all retests for bulls to stay in control now. It's possible but will need the usual volume kick to arrive behind it to find enough power to burst higher again to the 7760-7818 range.
Getting sick of saying it - but we have to stay patient yet again and wait for the break when it comes. The fact that we've been messing around inside the pattern for 25 hours or so now suggests that the break will not be too long in coming now. Try to keep an open mind in the meantime.
This is so neutral right now it's hard to tell which way the next break will come, but am hoping it will be worth following when it does with stops 30 to 50 points above/below the parallels of the pattern when broken.

Bitcoin Bitfinex Update

Bitcoin Bitstamp Update

註釋

Bitcoin Coinbase Chart Update
Bitcoin was expected to fall back to 7301 before bouncing away again. In the event it fell to an intra-day low at 7273 before the bounce came. Not too good.
Since then it's made a high at 7599 and extended to touch the upper end of the same (less acute) parallels that have been running inside the noise of the last 4 days or so.
The near term picture is still more positive than negative at this point and Bitcoin should push higher still towards the next upside target at 7760-7817 as the day wears on.
But in the near term it's a little over-extended and needs to consolidate again. Initial support lies at 7480- any failure here will likely create a fast retest of the 7401 line at lowest today. It must hold here off the lower rising parallel for the counter-rally to stay good from this point.
If wrong at this point any eventual failure here at 7400 will turn the tables yet again and trigger another near term short back to 7166.