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...
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Bitcoin: BTCUSD Blow Out and Embargo back on The 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.