It´s been quite a while that I have been writing about Bitcoin. The rally over the last couple of month has been amazing and one just had to let his winnings run... Now Bitcoin has seen a larger correction, meaning it´s down around 35% from its recent high around 5,000 USD...
As you might have realized Bitcoin was topping out with a head&shoulder pattern. The good news is that we are close to the target of this pattern which coincide with the former top from 11th of June this year around 3,000 USD. Since markets never move on the cent and dollar we should give Bitcoin a 250 USD price range for its low.. Based on the head&should pattern as well as on former resistance (now support) Bitcoin should at least get a tradable bounce around 2,800 - 3,050 USD.This bounce should take prices back to at least 3,700 - 4,000 USD
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Third day that Bitcoin is sliding down along its Bollinger Band.. getting very oversold but no sign of the bottom and reversal yet.. remain patient.. we will get a good buying opportunity soon.. probably below 3,000 USD
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I hope you managed to get an entry below 3,000 USD !! As expected it was a phenomenal buying opportunity....
Are you suggesting not to mind this bounce, rather to wait for it to bounce off 3050ish before jumping back in up to 3700-4000? Or do you think were already in the bounce back up to 3700-4000ish?
MidasTouchConsulting
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@jeremyalain, well I think it´s clear that this down wave is not over yet... be patient.. wait for positive divergences in stochastic ..