Category: Nezaradené

The Bitstamp data stream from Bitcoincharts has been out for several days (!) so far, so for this week I’ll put out points from the Mt.Gox. It should be tradable on both exchanges, just different prices.

The market is currently consolidating in the short-term up trend. Recent correction seems to be over, though I thought the price could fall down somewhat lower. But buying interest hasn’t been decreasing in some substantial pace, so I would expect the price going up. Or not:) Anyway let’s be prepared for both ways as usually.

Buy: 142    Stop-loss: 137     Take profit: 145; 147
Sell: 135           SL: 140              TP: 130; 125

A nice correction of the last week doesn’t have to be over. The BTC/USD price haven’t rebounded of $119 up again in any sustainable move and actually is making lower highs from the $115 base. After breaking down this level it can fall down to $100. So we can get some nice action (up or down) again this week unless the market will stay choppy.
Sell: 116.00    Stop-loss: 121.30      Profit take: 110.00;  105.00
Buy:  121.30           SL: 116.00               PT: 126.00;  130.00

A nice move up in the recent days, wasn’t it? The price now sits at a resistance level corresponding with the last swing high of $131/BTC. After breaking it we can say the market has turned to up trend (medium term chart) again after being in down trend from start of the July.
But before this important and inevitable step will happen we can possibly see some downward pressure in my opinion. Yesterday’s daily candle with rejected move up above the significant turning point suggests it quite clearly. So we should see some nice profitable move again this week, be it up or down.
Now there are two potential entries or strategies how to handle the trades. As the current price sits near the important level of $131 (Bitstamp), we can buy above and sell below. Simple as that.
The other usual method is based on a daily highs and lows.
So
Buy point: 132.30  Stop-loss: 128     Profit take: 140; 149
Sell point: 126.70    SL: 132.20     PT: 120.50

Let’s get back to work! Boring summer weeks are over hopefully and BTC/USD is starting to move nicely for booking some profit of a rise or fall.
What’s the big picture? The long term market (weekly chart) is still in a consolidation phase with clearly marked high ($259) and low ($45) point. And it will stay so for a considerable chunk of time. Looking at the daily chart picture starts to be more interesting. After breaking $100 barrier two weeks ago even the biggest bears should have to reconsider their trading intentions now. Especially when they take into account breaking 61,8% fibo retracement of the last down move last week (though it’s very questionable how far the pair’s price action respects these technical indicators, right?:). I’m not personally a fan of the “oh, let’s draw the line here” or “this indicator suits there” stuff as I look just at the price action, but some indicators are helpful sometimes. Fibo is one of them.
So what is the current price action telling me? After breaking up $100 level (well, more important was $80 level) BTC/USD should attack $120 and maybe $130 in its current steady rise. These are the most significant turning points in my chart. Action at these numbers will determine what would come next.
With that said let’s pick up the trading points (Bitstamp) for the coming week:
Buy: Now or anywhere down to 109; stop loss at 106; profit take: 119.00, 124.00 (if you’re bold:) )
Sell: 108; SL: 113; PT: 105; 103

A hot summer days use to be boring for trading. The BTC/USD pair has oscillated between $ 85-100 for the last two weeks. That means the market is still in the downtrend technically, though current price action doesn’t imply we will see any powerful sell-off in the near future. As stated in the last post, $100 level is a border line separating current downtrend from expected (coming sooner or later) uptrend.

Trading points (Bitstamp chart) for the coming week:
Buy point:  Now or above 93.00   SL: 88.00    TP: 99.00; 105.00
Sell point:  87.70   SL: 92.00    TP: 85.30;  83.00