BTC: Cautious entry

BITSTAMP:BTCUSD   Bitcoin / Dollar
Key points:
- Currently ranging between 12k and 14.2k.
- Broken down past the .5 fib retrace level 3 times since the 17th Dec 2017 price decline.
- Possible decline to 6-9k range vs. trend upwards towards 23k mark.
- Possible bull-traps -> beware!

Since the 20k to 11k price decline Bitcoin has been channeling slowly downwards and managed to break the .236 fib retrace level once. It continues to gradually float downwards as the market decides on direction.

Something isn’t quite right about moving sideways between 13,000 & 16,000. Previous downward spirals have been about regulatory news (China banning it), technology changes (forks), or exchange based issues (Mt Gox). As highlighted by many, 20k was a mental barrier to breach and a decline from 20k to moving sideways between 13,000 & 16,000 doesn’t represent a major correction. It's still a very pricey coin.

Should the bulls return, the next stop up is a possible 23k.
If the bears stay in town, 9k could be the next mark. If I had a view that Bitcoin would be bull longer term and simply enter now, I wouldn’t set a SL quite yet but rather have a stepped entry approach as Bitcoin reprices.

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