It seems like the market didn't support going under 220 because the other exchanges didn't follow. The retracement on BFX was extremely fast as well which is also pretty common for the end of a long-term downtrend in bitcoin . This is obviously a high-risk/high-reward trade, It may be worth it to wait for a higher low before using margin.
"Be Greedy When Others are Fearful" -Warren Buffet
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If it actually ever got to 3000+ USD, bitcoin could actually have a chance as a longterm hold to wait for Tim Draper's 100,000 per coin... In any case a price like that would have to mean people are leaving stocks and other securities and starting to believe in digital assets.
Normally I would cash out for fiat except in the above situation it would probably be a good idea to exchange for some other type of asset when LTC or BTC are peaking out, like precious metals or stocks or whatever seems the most profitable at the time.
Also check my other post http://scamco.in/2015/08/19/the-start-of-a-new-bubble/
The fork is the catalyst.
Bitcoin XT is not imo bullish in any way especially with the division were seeing and the centralization of XT.
However the launch of Gemini might be the catalyst to pump us up after this dump :) lets wait and see.