crypto_gunther

Exit the BTC Market Scenario

crypto_gunther Updated   
BITFINEX:BTCUSD   Bitcoin
If and only if the price violently breaks the red support then I would strongly urge you to consider exiting the market. This is a life line. It stems from the previous all-time high at $1,175 where it acted as resistance (12/4/2013).

If the red support is broken then the price could, and most likely would, fall to the blue support.

If the price breaks red, but climbs back up and finds support, then you could reenter the market with a tight stop loss at the red support.

If price goes to blue support, then it is an excellent entry point into the market for a long-term hold.

This entire post isn't intended to be investment advice and it shouldn't be construed as such.
Comment:
On second thought, if the price returns to blue then wait for bullish confirmation and a solid bottom to form before entering the market.

The reason for this is simple. The price could break the blue support as well.

Hopefully, the red support holds! If it doesn't, the entire crypto market will get wrecked. FUBAR (****** up beyond all recognition). That's not what we want.
Comment:
We do not want that red support to break!!

Somehow, I think it will hold but I could be wrong.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.