Patience is key in any market and Bitcoin is no exception. The hard part is keeping your emotions in place and understanding time frame applicable to your strategy. For swing trading there is a short continuation setup that triggered but we do not short this market so what we are looking for is levels to add for a broader move (position trade or investing) after trimming out some inventory and closing some alt coins in the 11,650 area.
Initially we were looking for the 10,300 level to hold, but the value area is between 9000-9750. This is the initial zone we are looking to add, but want to keep some capital in the event we push into the 8400 main support level.
Can we trade lower? Sure we can, so our strategy is keeping some capital on the side, from our portfolio sells back in mid August, in the event we do get a fire sale. In short this is a period where we are just sitting flat, observing and waiting for an opportunity to add back our positions we sold at higher levels.
No need to rush, no need to blow out more inventory, PATIENCE IS REQUIRED!
There are two different strategies you can employ when adding back in.
1) Just place buy limits at levels pre-determined and at levels we do not mind stepping back in.
2) Wait for a long setup on the daily and start stepping in.
Though we expect lower prices in the short term, our long term thesis remains the same, Bullish!
Initially we were looking for the 10,300 level to hold, but the value area is between 9000-9750. This is the initial zone we are looking to add, but want to keep some capital in the event we push into the 8400 main support level.
Can we trade lower? Sure we can, so our strategy is keeping some capital on the side, from our portfolio sells back in mid August, in the event we do get a fire sale. In short this is a period where we are just sitting flat, observing and waiting for an opportunity to add back our positions we sold at higher levels.
No need to rush, no need to blow out more inventory, PATIENCE IS REQUIRED!
There are two different strategies you can employ when adding back in.
1) Just place buy limits at levels pre-determined and at levels we do not mind stepping back in.
2) Wait for a long setup on the daily and start stepping in.
Though we expect lower prices in the short term, our long term thesis remains the same, Bullish!
