CRInvestor

4hr BTCUSD - A bit risky at the moment

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
164 0 0
As an ongoing commentary on BTCUSD             , my stop was hit on the last long signal from $690 at $767.99 (+77.99 ticks). A nice gain for the BoT algo and hopefully a great demonstration for you all....a profit is a profit is a profit...
At this point I would be reluctant to have too much of a position on as we seem to have failed below a relatively key trend line. Should this recent top prove too formidable to get through, downside targets suggest trouble for the bulls ahead. At best, the correction takes us back down into our last long entry zone. At worst, we see a test of the most recent significant lows near $455 and/or a washout tag of the long outstanding bear ab=cd target at around $400. Since the prevailing trend is down, I would approach the long side very cautiously.
The BoT's rules may prevent 'home runs' but they make you sleep well at night...lol...
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