So You Want to Know how to Catch A Falling Knife.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Our last Long Term entry was stopped out at a profit of $1390/btc which you can review in this link

This idea will show the next long term entry point that will let us keep tight stop losses.

I does not seem like the downtrend is finished, BTC is not showing enough strength on the up. It's making a corrective structure for another wave down.
I'm looking for an entry on the low 7000s (watch idea closely for when to enter and set stops).

Please keep in mind you need to follow this idea closely and the updates. New information comes by the minute and price structures reveal themselves.
I employ strong money management, you have to lock in your profits and cut your losses.
Comment: We are looking for structures to form as the BTC story unfolds.

Possible downward channel forming.

Comment: Bitcoin is looking to reverse on a double bottom

you can enter this with a stop at 9030
Comment: Reversal failed. This has turned into the next corrective structure.
Original plan is valid.

Comment: down we go

Comment: panic is off the charts. This is a good sign.
We are currently going down a steep channel.

Comment: No buying opportunity yet. This has more down to go.

A possible descending wedge has formed.
Watch closely

Comment: so far so good!

We are getting close to an entry point.
Continuation of this idea is here

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