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Bitcoin: BTCUSD Positive whilst tracking within parallelsBitcoin Coinbase Chart Update Bitcoin was hanging in the balance by 19:00 est/midnight gmt just before far Eastern markets opened and although it was looking in a bad way with the threat of an H&S top formation beginning to loom large above it we can never forget that this is Bitcoin. It's capable of amazing escape acts that make 'Prison Break' look lame and amatuerish sometimes. Bitcoin does what it wants - and we have to follow it and never look to fight it. How many have tried to second-guess Bitcoin and come unstuck ? All of us are familiar enough with the ways of this mesmerising monster to know that by now. Bitcoin leads. We follow. Anyone who thinks they can switch roles is likely to get themselves a new one ripped faster than they can take their pants down. Again. So once more Bitcoin refused to lie down overnight, breaking higher from the new parallels it had formed and after 2 false breaks yesterday, the first that got stopped out for around a 50 point loss and a second break that scooped 200 to 300 points before being stopped out yet again (as well as short from 8170 that had to have a trailing stop lowered behind it as it fell through the break level and should therefore have at least broken even) - the weekend proved difficult and challenging and all in all those who took time out were the winners yesterday - until midnight gmt at least The new week saw Bitcoin finally find some buyers and those who waited patiently and didn't get bored or tired by the wait finally got their reward - a good break-out emerged to the upside just at the witching-hour, midnight gmt, giving a good chance to get long again around 8300-8350 on Coinbase and Bitstamp charts. Since then Bitcoin has had two 500 point pulses higher - both hitting the resistance lines above it almost perfectly on Coinbase (line is at 8821, high so far today = 8817) though we can have only captured a half of that total so far even if you were around for the break when it finally arrived. The second 500 point or so pulse upwards started as Europe opened up for business and so those who missed the earlier break got a good second chance to get long off the parallel at around the 8300 level and just above. Day traders are closing out again at an obvious point but not creating much selling in their wake now. Usually we get 3 to 4 pulses upwards before the rally is spent so if still long can stay that way and consider raising the stop to under 8690 on Coinbase as if it breaks below here it will likely revisit the lower parallalel again where it can be bought again with stops below the parallel for small loss if wrong. As usual Bitcoin should stay positive whilst it travels within the parallels and only turns back to negative if and when the lower parallel is lost.
COINBASE:BTCUSDLong
by sumastardon
1
BCHUSD: Next Trade set-ups ahead of weekendBCHUSD Next Trade Set-ups ahead of Weekend This was left as a short backk to 1180-1100 range and with a subsequent low at 1152 it did ok. Obviously the slick trader will not just close out if the last trade has gone to plan, he (and increasingly frequently, she) will naturally seek to reverse, with stops underneath and see what comes. If you managed this here you are a star trader in the making (good traders close out when targets are reached, great ones reverse: who said that?) Anway those who managed the trick or just got long somewhere around the lows have already seen over 20% gains since yesterday. This market is just unbelievable. You can compound money faster than ever before in history 24/7. Still find it astounding that the biggest crap shoot in history is still playing very time we get up, just a button away. BCH is trading in a little wave from the lows, good green showing, bear engulfing those hours of backing and filling in minutes...but it's reached close to the limits of its neat term upside potential and meets a crossroads at 1415 where 3 lines converge, so it's understandable that BCH is shying away from here, being sold off at the natural spot, or just under in fact so far. If long here it'sthe obvious spot to close out and bank gains and then look to buy from lower and/or add once 1415 is broken to the upside. This will free up the space above and let BCH have a damn good weekend in prospect, opening the way for a move up to 1516-1539 initially and way above here in medium term, most likely. In near term whilst BCH continues to track within the impulse wave (loosely defined, so far, early days) it's trend will remain positive. Buy any dips towards the lower parallel if seen - if not it's strong, isn't it? - so buy again on the break above 1415 with stops 50 below
BLong
by sumastardon
1
ETHUSD Range trading whilst DXY ralliesETHUSD Range trading whilst DXY rallies Dollar strength today is forcing Alts onto a back foot. See DXY charts and comments to get a better handle on when to trade these, needing DXY weakness to really thrive with the tail- wind behind them. But when this littel dollar counter-rally ends DXY should fall back to 91, over 2% from here and give the Alts a big boost at that point. We are long here from 463 (stops just 2 points below) but it's struggling...look to take the meagre 2% profit at 473. These 9 or 10 points can then be used as stops for the next trade,which will trigger on a break above the dynamic coming off the recent high..as usual we need to see a decent break at that point, greencandles, increased volume to know it's good, surviving any retest of the line from above once broken. Then it will have to break above 477 and that longer term dynamic which is currently arresting any chance of meaningful advance form here. Once it can manage that ETH should run free - a good place to either enter long or increase if not already in. But until we see that ETH is likely to drift, a sell/take profits from 473 and and a buy again at 463. Range trading for day traders here working between the lines, which seem to be working quite well on this pair.
BITTREX:ETHUSD
by sumastardon
BItcoin: BTCUSD Tracking within the the parallel, still steadyBitcoin Dollar BTCUSD Steadily grinding higher within the parallels Lost the track of this yesterday, getting precise angle of the parallels out by a critical couple of degrees. It meant the break of the parallel yesterday was out and so far no bears have dared to challenge this ascent. Very bad and it means that wins here on the day were severely eroded by bad calls off a badly drawn parallel that was still shaping itself into perfection during the day. The idea was to buy off the parallel and only turn negative again once the parallel was broken. Right idea/ wrong parallel. Well now the parallel looks very trustworthy. There are 4 parallels now, with margins of error denoted by the two outside parallels. Bitcoin is still a buy off any retest of the lower parallels. It becomes a major short again only when the lowest parallel is broken to the downside. It should then become resistance on retests, showing that the trend is now turning negative in the near term and finally opening the door to bear territory in the nearer term. First support lies at 9715 - a brek below here triggering a good shorting opportunity back to 9365 at least and quite likely to 9036 before the rally recommences.
BITSTAMP:BTCUSDLong
by sumastardon
NASDAQ Update: Not too bad so far: stops for shortsNasdaq 100: Has held up really well due to Dollar stabilising - please check DXY comments also as this is the lead indicator right now, if there is one. Need to manage these stops now as per comment and keep an eye on all shorts to see how they hold up...Still believe dollar has further to fall, despite this attempt to rally...but it could be enough to derail the Nasdaq short in meantime if not careful...do not want to see Nasdaq above 5610 if a bear, that's for sure.
FX:NAS100Short
by sumastardon