MrClock
Long

Bitcoin - Continuous fall - What to do?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The bitcoin             continues to fall, following the downward trend in the short period. The buying power is low and we still have space to fall more based on the daily RSI indicator.

The correct thing is to wait for a bullish signal to start buying, this signal will begin to appear when the price begins to break the purple lines, while this does not happen, the trend remains low and any buy is very risky.

If you want to buy before the breaks of the purple lines, I suggest these buy zones, always with short stoploss. Try sell before resistence lines or when break a uptrend line (this line will begin soon).

Plan a strategy to prevent emotional action.
At this moment the more patients are earning more.
Comment: Detected resistance on 12100 level. But we have a strong support on 10650 level, is the 0.618 level from daily fibonacci.
Comment: We are still far from a bullish signal, remember the resistance at 12,100.
Comment: Bitcoin broke the upline well in the 50% fibonacci, which leads us to believe that it was a correction.

Bitcoin should now drop to the support.

We have the possibility of a double botton and the price will come back up or the price go to the zone of purchase 2.
Comment: We can have a double touch on the bottom (see previous image) or buy zone 2. Suggestion to final "stop loss": 7400.
If you want buy with more protection, wait price break the two purple lines in the top.
Comment: Lost on bitcoin? Don't worry. We are still in a downward trend.
If break to up, make fast targets bellow 11,000.

Trade closed: target reached: Buy zone reached. To be continued in a new chart...
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@MrClock I got no answer to my questions.

Min point is for downtrend is about 7500 ? I think about selling my all bitcoin if it goes lower, What do you think Sir?
+1 Reply
MrClock trevenger
@trevenger, Yes, breaking the 7500 will be worrying. But, do not miss the opportunity to buy again if the price returns.
Reply
trevenger MrClock
@MrClock, thanks, but what should I see to rebuy after selling at this point?
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Which point do you expect that uptrend will be back? I will start to invest my half of bitcoins in good icos. I don't trust bitcoin anymore, just I need to keep in safe my earning from past.

Already I lost almost half. Don't you think that feb is good for btc?
Reply
Which point do you expect that uptrend will be back? I will start to invest my half of bitcoins in good icos. I don't trust bitcoin anymore, just I need to keep in safe my earning from past.

Already I lost almost half. Don't you think that feb is good for btc?
Reply
@MrClock, Sorry did you mean, if we break up too 11,000 the the target is below? Not quite understanding what you mean on that last one. Can you explain a bit?
+1 Reply
MrClock monitorr
@monitorr, If you want to risk on buy trade (high risk at the moment), wait for the break up the 10,400 level (green arrow in last image updated). Suggested targets are between 10800 and 11100.
The trend continues to fall, but we may have this small high in the form of fall correction.
Reply
@MrClock, Ah so basically would be a good short entry point you mean?
+1 Reply
Thanks for the update. There is no real buy volume. We need to be careful.
+1 Reply
very brief touch above support now back at the resistance, will we break through?
+1 Reply
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