Bitcoin: BTCUSD Update...ride it..again!
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Bitcoin update
So far so good, but not out of woods yet. We're long from
7090 and with the low at 7064 stops under 7050 have not been
hit yet. There's resistance overhead at 7200 up to the
resistance line above it at 7220 now...likely to come back
from here, so day traders cn unload some longs and perhaps
get in lower againa t 7150 ...but when it breaks above the
line at 7120 now it should begin to accelerate. Let's see how
it goes...
So far so good, but not out of woods yet. We're long from
7090 and with the low at 7064 stops under 7050 have not been
hit yet. There's resistance overhead at 7200 up to the
resistance line above it at 7220 now...likely to come back
from here, so day traders cn unload some longs and perhaps
get in lower againa t 7150 ...but when it breaks above the
line at 7120 now it should begin to accelerate. Let's see how
it goes...
Nota
Bitcoin: BTCUSD Blow Out and Embargo back onThe last key support lies broken, the parabola, that worked
last night has been broken. There's a liitle support at 6800
which might just give Bitcoin a lift back to 6943 breakdown
level at best now and give one last shorting opprtunity from
there, but we should be short now with stop above 6970 for
now...Bitcoin has to get back above 6950 and hold for selling
pressure to wane for a little longer...only if it can manage
this will it rally quite fast back up to the next resistance line
at 7060-7070 where it will become a compelling sell once
again.
Bitcoin will not rise above 7138 at absolute best now before it
falls away to 6312 at least and so any sell opportunity which
might come later (only if 6950 can be regained, as above)
from 7060 needs a stop above 7160 to avoid whipsaw, which
will be tough to deal with later, probably.
But whilst Bitcoin is unable to regain 6950 it remains in a very
weak near term technical position.
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