fernx
Long

BTC on downward slope for now...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is currently following a downward trend-line. Estimated targets are shown in the boxes labeled target 1 and target 2. In my opinion, and based on my own trading situation, I am going to wait in the side lines for now until Bitcoin reaches the target areas already mentioned which will present good buying opportunities. If it reaches this bearish areas, I will decide then either to buy in or stay out depending on the fundamentals going on at the time. However, if the trendline breaks and a reversal occurs, I will wait till it surpasses 12000 to go back in.

The top pitchfork trend is about to break leaving us with the middle fork. This is where the first target presents an opportunity to see and decide. If in fact that pitchfork trend breaks, then brace yourselves for a nice down ride to the mean line (return to normal) phase of the market. At which point, would be a nice time to jump in in small increments.

There is too much risk for very little reward at the moment. This is all based on my own situation which varies from person to person. This goes for all the alt currencies as well.

Good luck

I am not a professional trader. This does not constitute trading advise. Therefore, do not use my published ideas for making investment decisions.
Mar 29
Trade closed: target reached: 1st target has been reached and currently heading towards second target. I have added small fractional positions on BTC, BCH, ETH, LTC and XRP, and will add more once it hits the second target or surpasses the 1st target at around 8600.... Good luck.
Apr 02
Trade active: the trend continues...I will wait for the second target to add more...till then, I wait and see.
Apr 23
Trade active: Conservatively, I will see if it breaks the 9150 line to decide. Testing resistance areas is not for me. I will wait for a retrace to add. :)
Aug 02
Trade closed: target reached: After the second retrace, I added a quarter position at 5590..... A month and a half later!!! What a boring 6 weeks this has been. Went on a cruise and had no internet access. Misses the 8500 price and my trailing stop orders did not execute???? :/
Currently holding at the .382 Fib @7563.
Sold a quarter position for a little profit.
Good luck everyone.
Conservatively, I will see if it breaks the 9150 line to decide. Testing resistance areas is not for me. I will wait for a retrace to add. :)
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