The market is still choppish, though we’ve had a nice decent move in last days. Evidently the price wants to go up and only one major hurdle keeps it at these levels for the whole September. After a sustainable break above $130-132 zone (Bitstamp) bigger move might come. Now I would like to see a small correction down to 125, but if not we’ll be prepared:
Buy: 129 SL: 126 TP: 131.50; 135; 139
Sell:125 SL: 127.50 TP: 122
Boring market these days, let’s be careful…
Sell: 122 SL: 124.5 TP: 118
Buy: 124.5 SL: 122 TP: 128
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
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