Bitcoin Update Don't want this to turn over here now before China opens but it could do without some buying power from 7460 level to hold it up and then propel it through to a new high. Want to protect gains by raising stop to just under 7450 on at least half the position, if not all, according to risk profile. Ideally it will trade sideways between high and 7460 and then China could arrive to propel it substantially higher. However it will need that power to take it higher from here. So just in case it doesn't arrive, and it can only be deemed 50/50 chance in reality, we should protect the 400 points made so far this weekend just in case the Chinese don't come in to keep momentum going. Also need to remain aware of just how high this has risen and therefore just how low it could fall when buying power wanes again. probably back to 6312, if not to 6165. If it does we need to be flat and ready to buy again from lower down. If 7450 gives way day traders will step in on short side with stops above 7460 looking to drive prices lower still.
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