The price will rally again. The question is when.

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
244 4 3
It is beyond a doubt that the price will go up again somwhere and in the recent future - unless the God ordains to cause sort of a catastrophe like the case of Mt, Gox.

The question is when the rally will commence.
It is well-known that just because the price has slumped to a large degree does not categorically mean that it is a good opportunity to buy.

Many people are, nonetheless, easily seen exhorting to take a long position, despite the price plunging several times.

In my opinion, the most possible potential reversal zone can come down to two ones, indicated on a 4 hour chart of Huobi.

The price, thinkably, will rebounce off 'B' zone, though it may break below the zone..

One of merits and concurrent demerits to BTC             , I think, is that its price sprials and collapses in too short a time.
It is conceivable that it pierces B zone to a great extent, but bounces off to much same extent right after.
A similar example is when the lowest was made - 275 dollars. It had gone so far as 270's, but that was proven untenable short after.

Considering this, I am going to set a limit long order at 'B' zone with half assent of mine, in the hope that the price grazes that line. But it would be wise, I believe, to place a buy order at A zone, in case that the price bonces off there but does not touch a B zone..

I had shorted at 2360 and closed it at 2200 and switched my position to long there. But the price missed my expectation and slumped again. So I have cut my loss at 2140, am watching for the price to enter either or both of the zones.

I will set a limit order half at the bottom of a A zone and half at a little above B zone. It is important to make sure the deal is fuliflled.

Update : It appears that A zone is more likely to become a bounce zone. That is shown when you use Bolinger Bands. Band's width is reducing, while the price is reaching a bottom line. I am going to buy there if that is the case.

Thank you for reading. Please leave a comment, if you are willing to, which is helpful for an amateur trader like me.

Related Ideas

When do you expect the rally to happen? and why?
looks like we already bounced
+1 Reply
June BenjaminNewton
Thank you for your comment.
My orders have not fulfilled by narrow margins.
But it might be reckless to make any deal here. I advise you not take a position here.
As you said, the trend reversal has been confirmed, but there should be a little consoildation. It would be wise to buy there.
Currently, I am not holding any position, only with cash.
June June
Also, look at 10/24. It appeared that the price were going up, but it was not. I do not foresee more decline at this juncture. Just waiting for propitious time
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