UPDATE: The price didn't stay above $315 for 24 hours as I mentioned as rule to enter the trade. Instead the price flash-crashed a few hours later down to $304.99. This renders my entire "bottom trading" idea posted here invalid.
The goal of this bottom trading strategy is to avoid risk and therefore the trade should only be entered if the price stays above $315 on Bitstamp for 24 hours. Reason to buy here: The last low of $315.23 could be a potential "ugly bottom" (a little bit lower than the last bottom at $316.61). And the price is currently at a important Fibonacci retracement of 76.4% (if you connect the 2014 multiple-month low of $275 with the last weeks high of $453.92).
Current price is $323 as of
Wednesday, December 17, 2014, week 51, 23:15 UTC
The goal of this bottom trading strategy is to avoid risk and therefore the trade should only be entered if the price stays above $315 on Bitstamp for 24 hours. Reason to buy here: The last low of $315.23 could be a potential "ugly bottom" (a little bit lower than the last bottom at $316.61). And the price is currently at a important Fibonacci retracement of 76.4% (if you connect the 2014 multiple-month low of $275 with the last weeks high of $453.92).
Current price is $323 as of
Wednesday, December 17, 2014, week 51, 23:15 UTC
