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BITCOIN: BTCUSD Less BS more chartBITCOIN: BTCUSD Less BS version More Chart What will be giving cheer to bulls right now is that fact that it's holding up so well around 1735 and down to the next listed fixed support at 7077-7065... no one really wants to sell... it's coming up to a speccy buy here when it retests 7077 or alternatively consider putting a buy order in around the 7015 level (with a stop about 50 points lower, though) and there is quite a good chance it will get struck by look of chart. Those pin bars at 7005 and 7000 off the lower parallel look good for the bulls, showing quite agressive buying power down at this level, so if we do see another sell off below 7077 - 7065 near term support range that 7010-6095 range is the next area of interst for those looking to get long (with stops). Alternatively wait for 7270 to be beaten and look to buy on the next minor pull-back from there. So far the notional fixed support lines drawn on the chart yesterday have proved quite helpful, so remain unchanged for now. Can't rest now until Bitcoin has been tagged, bagged and in the freezer. More as this move develops, football permitting, obviously. And if 6950 happens to give way whilst the football is on, we need to stand back for a while - it should then come back quite a lot further still. But right now, Bitcoin is coming up to a buy point again on retests of the upper parallel. So long as it uses that parallel for support this monster cannot run away to the downside... Those already long might consider increasing positions on a move back above the near term overhead congestion zone at 7262. So much BS needed in effort to keep less experienced, newer traders from blowing their hands off - sorry - to experienced traders . Long story short: it's more risky to buy here but reward is a little greater. Counter intuitively, It is way less risky to buy once 7262 has been beaten...it should then move back up to 7500 quickly - the next big test - it has to then show enough power and momentum to push through - some traders will close out here just in case there's a double top about to form...the question is how many??? More than want to buy??? Unlikely, but possible - only once 7500 is broken can we claim that Bitcoin is finally bagged and in the freezer. Until then it can still bite your bollocks off. Good hunting, gentlemen.
BITSTAMP:BTCUSD
by sumastardon