Bitcoin, acceleration either way is coming in a few hours

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I am currently flat on Bitcoin, it is to tricky now. The buying power seems out at the moment with a failed atempt for a new high. I am waiting for it to break out of this channel. Under the 7600 i will probably go short after a closed candel below this level. And the same on the upside a close above the 8000/8050. It looks like a consilidation to me, so chances are bigger it will go higher, but it's best to wait and see which way it will break out

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While i zoom out, the chart does tell me that the buyers are loosing more control about the drops, the 2 consilidations between 7100-7300 and 7350-7520 the difference was about 200 points. Now it's 500 points. In that view it's loosing strenght. That's why its best to wait and see wich way it will break out

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I am short now at 7625

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And i have added at 7330, what should be a retrace to now the resitance

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And the acceleration has started, if it drops below 7500, than the next target will be 7300

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last chance to go aboard will happen now, i will ad around 5600 again, but should drop immediatley after. It should not get above 7650

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I have added at 7640, I will put my stop at 7725,

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Its making an H&S on the 1min chart. It should and accelerate downwards. than the downtrend will be confirmed. But it could get pushes higher, Bitcoin always surprises when you least expect it

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Normally it's textbook, also with volume dropping. With indices or stock it doesnt work so often anymore, with crypto's it usually does, lets see what happens now :)

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Target of this wedge has been reached, a trade of 140 points, but i am staying short, Because i expect a much bigger move down! i will just adjust mt stop each time

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If it cant even get above 7500/7530 than it is extremely weak and will drop way more very fast

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Next target is 1330, after that 7000, but it will probably cool down a bit now or at 7300. This all looks extremely weak now but with Bitcoin eveything can change very VERY fast. So finger on the trigger

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For this to stay extremely weak it should not get above the 7550 and preferably below 7500. If it does get above this level and below 76507700, than the trend will still be down but if will cool down (consolidate)

Oke, lets be honoust i have been spot on again with these updates :)

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Big chance it will go a little bit up frome here, however, BCH spiked out of its wedge on the same time frame and is trying to stay above it. These will both be my triggers to get out of the short on BTC and the long on BCH (see my BCH chart and updates)

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I am out

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I jumbed back in at 7540, saved 80 points in seconds :)

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Iam out at 7560 again. Will wait for new signals

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Now i am back in short again at 5995

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it has made a textbook retrace to the former support around7600/7650, where it broke out downwards as you can see in my first chart. It should not get above 7700 for the short term to stay negative

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I am out at 7575

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It is starting to show support, i will go short again around 7640/7660

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And short again at 7645

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Stop around 7700

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Is it really going to 7800/7850 again?? :) so much volatillity :)

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I am out again and turned long at 7680 with a stop at 7600. A small loss, just as long as the winners are bigger

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Up to 7900 it seems? These buyers just wont give up :).
Unless i will get other signals, i do expect it will make a lower high again and that it will drop againt 7000. But first gonna ride this one out untill i get other signals. But it is my game plan ofcourse

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It seems to be turning again, it has to get above 7750/7800 again to break this negative cycle for the short term

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First step is set, so chances are bigger it will go up, but both ways are possible. I will add longs above 7700, above that small triangle, and below 7640 i will sell the longs i still have and maybe turn short

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I've mist my calling, i should have been an painter :)LOL

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LOL :)

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If it stays above my beatifull colours, that will be a good sign of strenght!

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I closed my long position from 7680 at 8020. Possible that it will go down a bit. I am satisfied for now,

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Normally this looks like an H&S, not a beautifull one. But with Bitcoin, it has turned many of these into an consolidation move, never going under the neckline and continuing going higher. I suspect it will do this

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On bitstamp this rising wedge is a bit clearer, chances are bigger now that it will drop some. I am short at 8065

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Somehow 8040 is an important point. several times it has bounced of and from it

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This is the third failed attempt now to go higher, during the second one, i saw a 100 Bitcoin buy order in the order book, looked like some sort of support, but when it did not go through the 8080, all of a sudden it dissapeared. I see these kind of things many times, also with other coins. I wonder what kind of people are doing this. Normal people who just change their mind, or is it something else. Its like they are giving confidence for the buyers and the other way around the same. But when it gets close to their price, the order gets cancelled.
Lets see what happens now, if it drops below 8040 and lower, than maybe this is something to keep in mind when you see it

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Funny thing is, Bitcoin on Bitfinex is the only one trying to go higher, all the futures and other exchanges are making lower highs. The difference had become more than 30 points. Let's see if this is information we can use in the future :). I just hope i wont fall a sleep because this is getting quite boring :)

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I am out at 7980, not so much points profit, but i am getting mixed signals now. Therefore iam out. Better with a small profit than a loss.

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Naahh, realyy?? :)

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I am short at 8165, it's lacking some conviction. Using a short stop of about 50 points

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If have lowered my stop at 6200. My target is 8100/8090. I am not shorting this for a big ride, on the longer time frame it's way to strong

botje11

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