Bitcoin Thursday Update
The devil fools with the best laid plans. By 22:39 we were
looking for a rally to kick in from the lows at 10200 with 3
near term upside tagets in mind, at 10684 and then 10857 and
11180. Then, because Bitcoin never sleeps but unfortunately
we do, set a stop on the long under 10400 for overnight - and
it was taken out about half an hour later at around midnight
gmt at around evens. MOFO. If you were more sensible you
left your stop 'under 10270' as per 22:39 update - and Bitcoin
then made a secondary low at 10296 line precisely before
finally rallying away. A change of nearterm trend at around
midnight, as we see so often. So a sensible/good stop was
ruined by overcaution due to going into the overnight session
and not being able to track Bitcoin live as a consequence. . M
any apologies if you too raised the stop. Since then Bitcoin
has rallied to the second target overnight at 10857, making
high at 10915 on Bitfinex before once more falling away
again. You win some and some you just break even. The perils
of 24hour trading laid bare.
Now Bitcoin is tracking down a new set of parallels after
topping out at 06:30 gmt (change of trend again between
05:00 and 09:00 gmt, as so often) in what looks to be another
continuation pattern. Looking to buy once price can escape
the upper upper parallel to upside - not a spike - a break with
some green candles emerging and some pick up in volume (or,
more risky, on test of lower parallel at 10296- 10200 range
with stops below 10200) - want to see Bitcoin halt and find
some support at 10300-10200 range to follow long - otherwise
can wait until the upper parallel is broken through on
successsful retest from above once broken