Nickonomics
Long

Bitcoin (BTCUSD): Buying The Dip

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin price dropped nearly 20% today. And yet, the uptrend remains intact with 15743 and 16147 being first targets. The correction took the form of a Flat (3-3-5). When the price broke beyond the pitchfork , it triggered my buy orders.
Comment: Bitcoin price dropped nearly 20% today. And yet, the uptrend remains intact with 15743 and 16147 being first targets.
Comment: Drop below 14 100 is very unwelcome under this scenario, so I define this as a reversal level:
Comment: Stop-loss order should now be moved to break-even (14 900).
Comment: Yesterday we hit the 15 743 target but didn't get to the second target of 16 147, so the rest of the position was stopped out at break-even. Currently looking for new oppurtunities. Drop below 14 000 could be detrimental for BTC and trigger more selling. Dynamic resistance is @15 600.
I am not sure where is your "uptrend" since we have a completely parabolic situation here.. BTC should fall back in its "long term" channel (if there is one due to such erratic behavior, but when it does we are looking at $10000 at best.....
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Thank you! Please keep it updated!
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When do you recommend entering long trade? Thanks!
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THANKS from RUSSIAN)))!
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Thanks for the information... I learning a lot from these types of posts, and wanted to really thank you for your time and effort.
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