SmoothJB

BTCUSD

Short
BITSTAMP:BTCUSD   Bitcoin
At this point in time, I believe there is a significant amount of support extending all the way down to the $38,000 level, so it is really not until we break down below there that the support level will have given way. Sure, a breakdown below the $40,000 level would catch a lot of headlines, but there is a lot of noise underneath there. If we break down below there, then it is likely that we could go looking towards the $30,000 level. At this point, I would anticipate seeing more buyers as well. It does look like Bitcoin is trying to turn things around and pick things up, so I do like the idea of buying Bitcoin, I just would not jump in with both feet right away. I think at this point if you buy the market, then you could add as the market moves in your favor and keep your position size reasonable at first, and then only build up as you are rewarded for being correct.
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