Red_Ben

Bitcoin - Buying that dip (hold your breath)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin is at it again! Just like the last time, it's been a light-speed ride on the bitcoin train lately. Be prepared for some type of pullback anytime. We could see a low wick below $5k (maybe even $4.5k) but I'll be buying it, spread out over a few points. If we bounce again, it COULD be a very traumatic experience for bears....on the other hand, we may be seeing the high of the year in the first half of May. Be prepared for a V-bottom and development of a new downwards trendline somewhere around 200% higher (~$14k). Then, expect consolidation IMHO. If we don't see that hard rip within the next few weeks, anticipate somewhat of a war to reach $8k as all the folks buying in now make some very tricky decisions (and consider it a confirmation we're inside of either a bullish wave-4 with a much less-likely possibility it's a B-correction on the weekly chart). I'm out with buy orders scattered below. Probably a bit early to bail, I usually am, but I'd rather admit I'm wrong and buy back a tad higher later when I miss than be stuck for weeks under $8k when that cash could have been at work elsewhere.
5500. Won't take out 50W MA. Well, maybe on a really quick spike.
+1 Reply
Red_Ben oaksacorn
@oaksacorn, Wouldn't surprise me one bit if we don't take out the 50 on the weekly, but typically Bitcoin makes quick lower wicks, then closes higher, so I like spreading orders out a little lower than I "want" it to go as a perma-bitcoin bull, and then piling on the rest as we bounce.
+1 Reply
@Red_Ben, that level would be nice to grab.
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