BITCOIN: BTCUSD Next Buy Points
First off, that pin bar from the high today is threatening, now
followed by red bull-engulfing candles, so am relieved we closed
out just on the high of the day, so far at least...we were lucky.
So now we're looking to buy again from lower down...
First support is 7350-7340, and then 7300-7270.
But now, as this is written a pin bar is forming from 7370,
showing buying interst at this level.
So we can look to accumulate again here, at 7400 and just
under, down to 7310 if it comes to meet the dynamic..
There is potential for Bitcoin to touch the dynamic support line
running from the recent lows on chart, but it's loosely
defined/imperfect so we can't attach as much import or
potential power to this line as we can with a perfect trend line.
Right now Bitcoin is running within a pair of small parallels again,
another continuation channel prior to rising further.
Ideally, it will come off again from here at 7474 and come back
down to 7350 and leave a pin bar at 7315 right off the dynamic
- that zone is the perfect entry area with stops 50 below the
parallel for now.
Alternatively, if we don't get a chance to buy lower, as above,
the next buy point is as Bitcoin breaks above the the little
parallel containing it now...but doesn't look quite ready yet.
Longs need to be careful at 7570 -7580...it could smash
straight through, as it did at 6950 critical level - and it could
also fail - am wary therefore. We want to see 7570 busted on
the first attempt, without a struggle and then see it become
support on any subsequent pull-backs. If we get this we stay
long. But if it starts to stick under 7570 we need to close out
and only go long again when 7570 is beaten with stops under
7500 for now.
First off, that pin bar from the high today is threatening, now
followed by red bull-engulfing candles, so am relieved we closed
out just on the high of the day, so far at least...we were lucky.
So now we're looking to buy again from lower down...
First support is 7350-7340, and then 7300-7270.
But now, as this is written a pin bar is forming from 7370,
showing buying interst at this level.
So we can look to accumulate again here, at 7400 and just
under, down to 7310 if it comes to meet the dynamic..
There is potential for Bitcoin to touch the dynamic support line
running from the recent lows on chart, but it's loosely
defined/imperfect so we can't attach as much import or
potential power to this line as we can with a perfect trend line.
Right now Bitcoin is running within a pair of small parallels again,
another continuation channel prior to rising further.
Ideally, it will come off again from here at 7474 and come back
down to 7350 and leave a pin bar at 7315 right off the dynamic
- that zone is the perfect entry area with stops 50 below the
parallel for now.
Alternatively, if we don't get a chance to buy lower, as above,
the next buy point is as Bitcoin breaks above the the little
parallel containing it now...but doesn't look quite ready yet.
Longs need to be careful at 7570 -7580...it could smash
straight through, as it did at 6950 critical level - and it could
also fail - am wary therefore. We want to see 7570 busted on
the first attempt, without a struggle and then see it become
support on any subsequent pull-backs. If we get this we stay
long. But if it starts to stick under 7570 we need to close out
and only go long again when 7570 is beaten with stops under
7500 for now.
Trade active
Double top, not much power set stop tight at 7445 for break even if hit..tricky here if it can't find buyers very soonTrade active
So far so good...this can come back to 7385 and spike there and still be fine. We bought at under 7440 down to 7315 hopeful low but it only fell to 7385 . Then bought more on exit above the little parallel at 7430. Depending on where you bought, the stop can be left under thereNote
Had to hit send asap on last update as price was just 10 points away from first suggested stop. Don't want to be stopped out for break even (just under, after spread) so hope you got the udate in time, it will have been very close, though by look of it...if so It's holding onto the blue line at 7426- between here and 7385 is the buy zone, ideally with a pin bar off the parallel which we may not see. All stops for longs who got the last message in time can now be placed under the parallel for now, below 7380. Nice pin bar on 15 minute chart forming showing good interest off the blue support. This still looks positive, even at these levels, so far . But the parallel must hold. 7385 is now key. If this were to fail at any point, all bets are off the table for a while. Chart update next
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.