I stated a few days ago i felt that Bitcoin would fall to around 9,500 before beginning its new uptrend to a new all time high later this year. A lot of news in the market the last few weeks have definitely effected Bitcoin. Look for this coin to settle around the 9450 - 9500 range before heading back up. As seen on the chart the ideal landing spot based on historical analysis tools will be 62% FIB RET which is 9,487 on this Bitstamp Chart. The Solid trend lines indicate green for support of the bullish trend with the dotted lines being less tested support lines. The red lines represent the shorter term bearish trend with the solid line being the most tested and the dotted lines being less likely.
The buy zone I feel is in the blue box between $6,700 - $11,400
I do not believe we will test new lows below 9,200 before we send a trend reversal based on the charts. However, Bitcoin and the markets are not typical and this is Crypto. The market will tell us where it wants to go and we must be willing to be nimble and adjust our strategies accordingly. Be patient this is a great time in this new market to catch the wave of profits ahead. Currently there is alot of money in the renewed charge in the traditional equity markets and Crytpto has seen a cooling off period. Look for the current bubble in the traditional markets to fizzle in the next 4 weeks and then the money will return to Crypto stronger then ever.
Deep pockets and patients make the greatest minds in business as if you wait long enough typically things will turn around. With that said this is not financial advice just tips from the experiences I have had in trading, business, and life. Follow my charts and analysis if you like. My opinion is just one of many. Remember to only risk what you can afford to loose, stay diversified, never over buy a position, don't get emotional in trading, stay focused on the logic and have a trading plan. Trading in a correction period or overall market downtrend can be very trying and costly for most. If everyone could make money every time they joined in a trade, then everyone would be wealthy and Warren Buffet would be an average Joe.
Not all trades are winners and at the end of the day 51% winners out weigh the 49% of the losers. Set realistic goals and be up on your portfolio at set time periods. No one can hardly ever be in the green everyday!!
The buy zone I feel is in the blue box between $6,700 - $11,400
I do not believe we will test new lows below 9,200 before we send a trend reversal based on the charts. However, Bitcoin and the markets are not typical and this is Crypto. The market will tell us where it wants to go and we must be willing to be nimble and adjust our strategies accordingly. Be patient this is a great time in this new market to catch the wave of profits ahead. Currently there is alot of money in the renewed charge in the traditional equity markets and Crytpto has seen a cooling off period. Look for the current bubble in the traditional markets to fizzle in the next 4 weeks and then the money will return to Crypto stronger then ever.
Deep pockets and patients make the greatest minds in business as if you wait long enough typically things will turn around. With that said this is not financial advice just tips from the experiences I have had in trading, business, and life. Follow my charts and analysis if you like. My opinion is just one of many. Remember to only risk what you can afford to loose, stay diversified, never over buy a position, don't get emotional in trading, stay focused on the logic and have a trading plan. Trading in a correction period or overall market downtrend can be very trying and costly for most. If everyone could make money every time they joined in a trade, then everyone would be wealthy and Warren Buffet would be an average Joe.
Not all trades are winners and at the end of the day 51% winners out weigh the 49% of the losers. Set realistic goals and be up on your portfolio at set time periods. No one can hardly ever be in the green everyday!!
