Bitcoin: BTCUSD Fantastic bear engulfing Candle -use a stop now
Updated
Bitcoin: BTCUST: Fantstic bear engulfing green candle as Bitcoin burst the constraining chains of the parallel which
had to be followed as per set-up...stops pinging left right and centre as all
those convinvced Bitcoin was about to implode by the chart
pattern had to buy back again. This is Bitcoin. The Head and
Shoulders came close to triggering by breaking the neckline at
6925, but never did. Bitcoin lives to fight some more.
We need to raise stops now to protect profits on the
move/entry point from 7137...raising to just under 7330 for
now. It's rather overbought and if it comes off from here will
probably fall lower for another shot at getting long if we get
stopped out here for just under 200 or so points profit.
Bitcoin is currently dancing between the two fixed lines of
support at 7350 and near term resistance at 7456 trying to
unwind a near term overbought condition...it's doing very well
so far...obviously if Bitcoin can hold up on that first support
line at 7350 it's still very strong. And if it fails and the stop is
taken out we'll look to buy back at 7270.
had to be followed as per set-up...stops pinging left right and centre as all
those convinvced Bitcoin was about to implode by the chart
pattern had to buy back again. This is Bitcoin. The Head and
Shoulders came close to triggering by breaking the neckline at
6925, but never did. Bitcoin lives to fight some more.
We need to raise stops now to protect profits on the
move/entry point from 7137...raising to just under 7330 for
now. It's rather overbought and if it comes off from here will
probably fall lower for another shot at getting long if we get
stopped out here for just under 200 or so points profit.
Bitcoin is currently dancing between the two fixed lines of
support at 7350 and near term resistance at 7456 trying to
unwind a near term overbought condition...it's doing very well
so far...obviously if Bitcoin can hold up on that first support
line at 7350 it's still very strong. And if it fails and the stop is
taken out we'll look to buy back at 7270.
Trade active
IMPORTANT (Embargo upload back on - so frustrating)Looking at the pattern here that could well be forming now: this could still be a head and shoulders forming from here...with right hand shoulder forming right now off the high of the day 7450. So we won't be buying back lower down if we get stopped out. Day traders will look to short if 7340 gives way with stops 30 pips above for what could be a nice move back down from here. It needs to hold up at 7350 to stay good from here.
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