Tag: Bitcoin

Bitcoin Price At 2013 High. Weekly Trades (2)

Happy and profitable new year folks and let’s get straight back to work! The USD remains strong across the board and the BTC/USD pair is not an exception. The USD index can attack 100 very easily, probably 110 and 115 maybe.

Unless this resistance level is reached followed by appropriate price action (meaning clear selling) I have no reason to be bullish on BTC or any other asset traded against the dollar. And that could occur in a weeks, months… Of course until some sudden event happens that could send the mother of all fiat currencies back down to trash where it belongs.

The price has reached the $260 support zone (former resistance and maximum high of April 2013. Wow, do you remember those days? Only some 20 months ago and it does sound like a looong history) that can be broken fairly easily.

Down there lies stronger resistance at about $160 that should successfuly face of any selling attack at least on a longterm timeframe charts. But if the USD index breaks above 120 only bitcoin god knows what will happen then…

Sell:  264      Stop-loss: 290    Profit Take: 254; 234; 224
Buy: 291            SL: 276                PT: 300; 310

Cheaper Bitcoins Ahead? Weekly Trades (14)

No matter how much you wish the price of bitcoin to appreciate as a trader you have to respect the market. And Mr. Market is in selling mode right now. How much can bitcoin fall?

It looks like very important support zone of $380-400 could be reached within a few couple of hours. If this level capitulates, the bulls will be in a real trouble and much cheaper bitcoins lie ahead of us.

Sell: now or below 435    Stop-loss: 470     Take Profit: 405; 385; 340
Buy: 535                                  SL: 500            Take Profit: 580

Record Bitcoin Price In Sight. Weekly Trades (44)

Bitcoin has been on fire lately, let’s hope this highly volatile time will last a few more days, weeks… I expect price attacking the historical maximum soon, but am prepared also to go short without any hesitation if the sell point is to be triggered.

Sell: 179.50    SL: 185    PT: 170; 160
Buy: 195         SL: 192    PT: 204; 220; 250

Bitcoin Bears In Charge Clearly. Weekly Trades (28)

After a calm comes a storm and vice-versa. The price of BTC/USD pair oscillated around the $100 zone for three weeks and it was quite hard to book some decent profit with this weekly strategy.

As with all other tradable instruments, at these times the most important is to preserve your capital, do not lose much and wait for a next big move. And the one came last week.

Is that down move finished now? I don’t know. But I doubt it. The speed and volume of the sell-off would suggest even lower levels are on the way soon. The current down leg should attack $50 zone first before any possible bounce off or continuing sell-off.

Bitcoin Trading Plan

With that said let’s lay out this week’s trading plan (Bitstamp chart):

Sell point: 63.00    SL: 70.00   Profit target: 53.00
Buy point:  73.00    SL: 68.00   Profit targets: 79.00, 82.00

My bias is still down, so I don’t want to open a long position before the market attacks $50 zone first.

Buuuyyy! Weekly Trades (22)

OK, I must admit it. Bitcoin keeps surprising me as a trader. The last time I wrote here about having a pause in BTC/USD trading (as would have traded it for years, yeah? 🙂 ) and expecting some weeks or months of low volatility practically disabling profitable trading. It looks like I was wrong. Yes, the volatility has decreased comparing to the crazy weeks before, but it is still possible to book some good pips in.

So what’s the current story? Looking at the Bitstamp USD chart the price has recently broken an important turning point at $120 and heading to another at $150. So this can be the target in the next days maybe weeks depending on the upmove strength. As this climb isn’t very much persuasive for me it is necessary to look carefully downstairs also. And there is strong trendline support now around $100. But for the market to attack this level I don’t know what kind of serious event would have to occur for it to come down there. Especially when you consider the recent Dwolla/Mt.Gox problem, that was quite a huge negative story and the price is up. That is telling me something. And maybe BTC just doesn’t give a fuck of this (or any) “news”.

OK, when you haven’t bought in the recent hours then do it as soon as possible. As said above my buy target (PT2) is $150, but first it should cut through $140 (PT1). The stop-loss set up at $127.50. And that is also the sell-point with the stop-loss at $130.50. If triggered my first profit target is $124 and the second at $123 (let’s be careful here, the trend is up). Good luck!