Blood in the streets! Temporary bottom for Bitcoin?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
1186 3
Whats up traders!

We have now made a 50% retracement of our run up from the bottom. But more importantly we have hit the 200 moving average on the Daily chart . As a rule of thumb when we hit the 200MA on the Daily we should always go long. Volume has now also dropped off on this last push down, so Im going long.

I only opened up a small position for now, and as I see more confirmation I will add to it. Thats the secret to making good trades guys. You add to trades once you have more confirmation and reduce your exposure or close your position if it goes against you.

My last call about going short from $11.8k turned out to be good. I only wish I had held on to my short for longer!

We should see a bounce up from here, but that doesnt mean we cant go lower. I will be watching this closely and if a high volume push starts downward I will exit my position and open it lower. If its really voilent then next big support is 8.2k. The market is still in bearmode. Dont listen to people who are permabull without looking at the bigger picture. This doesnt mean we HAVE to go furthur down and will reach 4-5.5k bitcoin .

The strategy now is to go long and close it furthur up. Ill post targets in a bit. I just want to publish this idea to give you a chance to get into a position right away.

More updates coming.

Mar 08
Trade closed: stop reached: Trade stopped out. We keep going down. Next stop could be 8200!
Hey thanks for this analysis! Could you please give us a target range to buy?
great as usual, thanks
alexcph cryptowolves
@cryptowolves, I edited my post in regards to its just a small position for now. I will add to it once we have more confirmation.
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