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Bitcoin Coinbase Chart Update 09:30gmt 04:30est
Bitcoin made an overnight high at 6893, some 8 points shy of
the first upside target at the upper parallel before falling
away below the rising dynamic which then triggered a short
from current levels around 6844. But in the interim Bitcoin
has spent the night moving sideways in an unusually tight
range between the 6813 support line and the resistance line
just above at 6849.
It's therefore about as neutral as it's ever been in recent
memory. So can close the short is still in position here. It's too
neutral here to hold it really.
It has to break above 6870 to trigger a long with stops below
6840, looking for 6955 line and then 7150-7160 once 6955 is
broken above.
On downside so far Bitcoin is hammering out support above
the stucture sitting below it. Whilst it continues Bitcoin is not
negative and cannot be shorted. It has to move below the
6771 line here and the lower rising parallel to tip it back into
bear territory and to trigger another short back to 6698 line
initially and potentially much lower still.
14:30gmt 09:30est
Raise the stop to 5 below price on this long - the rally is so far
just a 1% pop and has only 30 points of upside left until it's a
sell again - it may get hit and likely will - if so can put a sell
order at 6955 with a stop 10 points higher at least and wait...
14:42gmt 09:42est
Can close out now - was wanting to sell but it's risky - if so put
a stop just 5 above this new high on Coinbase
If it breaks higher than that can get long/reverse with stops
below 6945. Tricky here now
15:46gmt 10:46est
this short is under pressure from stop hunting bots.
Can put a tiny dynamic under price which has a bot-like vibe
as it rises- should start to lose and flip lower once lost - can
short again/addor open fresh short once it does - or from blue
line at 6955 with stop 10 higher - ready to reverse long if hit
(as previous updates)
