Bitcoin Bitfinex Chart Update
Alternative Choice of Updates from now on:
Trying to find the best/clearest format and colors for the majority isn't easy. Putting the text all over the chart is annoying for most on Tv and is only done for the benefit of Twitter users where 140 character uploads are ridiculously restrictive for those with a deeper interest in Bitcoin and its patterns and behaviour traits.
This upload is the same as the last one - but with a light background.
And with no text scrawled all over it.
Which one do you prefer?
Am going to take a vote to decide whether to stay dark/neon or go to the light side for the background color on future chart uploads.
Please could you click agree on one of the two charts (this one or the last Bitcoin upload with a black background) and that way we can determine an outcome by majority - by any that are interested enough to vote at least.
Any feedback on this is welcome!
So far this looks like a good Reverse/Inverse Head and Shoulders in classic formation with a perfect retest of the
neck-line yesterday at 7600 (even more so because no one seems to have really mentioned it - the low today here is 7600
precisely).
It carries with it a minimum implied upside target at 8163 on Bitfinex. But in the near term Bitcoin has made an 07:30gmt
break higher from the 7644 line as it did yesterday too -before spending 24 hours moving sideways again.
The new normal. Sheesh. Every break higher is getting faded now for hours and hours after the intial impulse. 30 minutes
of action followed by 24 hours of continuation. Just like fishing on a slow day :( But this break today is still potentially significant.
We now have a technical battle emerging between the power
of the RHS on upside and the power of the upper dynamic of a loosely defined rising wedge-like formation on the downside,
both in opposition to each-other, one a positive force and the other negative.
So we can spend quite some time today in yet another continuation pattern with support at 7700 and extending to
the lower parallel of the newly forming pattern from the intra-day high.
Both these opposing patterns are powerful. Which pattern will prove stronger ?
Well, so long as the dynamic which forms the lows of the right shoulder holds up on retests today the likelihood is that
eventually the break will be higher and not lower. If so other than buying the dip to 7700 and below to 7768 and
maybe to the 7644 line the only other option is to buy the break above the upper small falling dynamic from the intra-
day high when and if it comes later on - need a volume spurt to follow it to know it's good - but the pattern is still overall
positive at this point and the uppermost risng dynamic which capped the high today so far, is beginning to lose its power
and on the 5th strike it should break too. That will open the way for a RHS to take control and begin to drive price towards
the upside target at 8163.
Returning to the downside Bitcoin has to break below the risng dynamic underpinning the lows of the right shoulder of
the RHS to start flipping longs out back to 7644 and if this then fails to the neck-line itself again at 7600.
This level must hold up throughout the day from here. Any failure by more than 15 points will flip Bitcoin back into bear
hands, signalling ultimate failure of the RHS and trigger a short from this point with stops 50 points or so higher if struck
later.
Alternative Choice of Updates from now on:
Trying to find the best/clearest format and colors for the majority isn't easy. Putting the text all over the chart is annoying for most on Tv and is only done for the benefit of Twitter users where 140 character uploads are ridiculously restrictive for those with a deeper interest in Bitcoin and its patterns and behaviour traits.
This upload is the same as the last one - but with a light background.
And with no text scrawled all over it.
Which one do you prefer?
Am going to take a vote to decide whether to stay dark/neon or go to the light side for the background color on future chart uploads.
Please could you click agree on one of the two charts (this one or the last Bitcoin upload with a black background) and that way we can determine an outcome by majority - by any that are interested enough to vote at least.
Any feedback on this is welcome!
So far this looks like a good Reverse/Inverse Head and Shoulders in classic formation with a perfect retest of the
neck-line yesterday at 7600 (even more so because no one seems to have really mentioned it - the low today here is 7600
precisely).
It carries with it a minimum implied upside target at 8163 on Bitfinex. But in the near term Bitcoin has made an 07:30gmt
break higher from the 7644 line as it did yesterday too -before spending 24 hours moving sideways again.
The new normal. Sheesh. Every break higher is getting faded now for hours and hours after the intial impulse. 30 minutes
of action followed by 24 hours of continuation. Just like fishing on a slow day :( But this break today is still potentially significant.
We now have a technical battle emerging between the power
of the RHS on upside and the power of the upper dynamic of a loosely defined rising wedge-like formation on the downside,
both in opposition to each-other, one a positive force and the other negative.
So we can spend quite some time today in yet another continuation pattern with support at 7700 and extending to
the lower parallel of the newly forming pattern from the intra-day high.
Both these opposing patterns are powerful. Which pattern will prove stronger ?
Well, so long as the dynamic which forms the lows of the right shoulder holds up on retests today the likelihood is that
eventually the break will be higher and not lower. If so other than buying the dip to 7700 and below to 7768 and
maybe to the 7644 line the only other option is to buy the break above the upper small falling dynamic from the intra-
day high when and if it comes later on - need a volume spurt to follow it to know it's good - but the pattern is still overall
positive at this point and the uppermost risng dynamic which capped the high today so far, is beginning to lose its power
and on the 5th strike it should break too. That will open the way for a RHS to take control and begin to drive price towards
the upside target at 8163.
Returning to the downside Bitcoin has to break below the risng dynamic underpinning the lows of the right shoulder of
the RHS to start flipping longs out back to 7644 and if this then fails to the neck-line itself again at 7600.
This level must hold up throughout the day from here. Any failure by more than 15 points will flip Bitcoin back into bear
hands, signalling ultimate failure of the RHS and trigger a short from this point with stops 50 points or so higher if struck
later.
BItcoin Bitmex Update
The short from around the 7683 level back to 7644-7600 range was hardly worth the bother but did create a small win to use as stop for next trade which was triggered by a fall below 7600. But this next short is struggling with price only falling to 7580 so far. The stop on this short can be placed at 7625 highest which if taken also takes most of the meagre profit on the first short, so net break even if it goes wrong from here. Or can choose to close for 12 point or so loss before costs.
Otherwise can wait to short from this point with Bitcoin needing to break 7575 here to follow short again back to 7448. The next support below here lies at 7299.
Right now Bitcoin is resting on the neck-line of the RHS and cannot be shorted aggressively again until 7575 gives way.
On the upside, whilst the neck-line continues to hold there is still a slowly fading chance that Bitcoin can rally away from here. But it's fading with time. Not looking to follow long again until a better signal emerges from here. It has to push back above 7683 line and hold up on the retest to consider switching back to long from this point.
Am taking 48 hours out to attend other business.
Be lucky! Catch you later.
Bitcoin Bitfinex Update
Bitstamp Chart Update
Bitcoin Coinbase Chart Update
Bitcoin Futures Chart Update