Examining the BTC Daily chart
provides a good point from which to establish our next short-term long position, and gives us good perspective on the overall BTC
trend. While we are currently bearish
we have enjoyed fantastic price action maintaining a consistent 550.00 dollar range, bouncing well at key fib levels allowing for fantastic short-term long gains. These fibonacci points provide us with our next estimated buy zone (.618). While we have passed through our daily Bollinger bands
we must also keep in mind that only the most aggressive trend has corrected thus far, so we must continue to keep stop losses set as tightly as you are comfortable with, as the natural correction could take us to the long term uptrend lines marked, and trader uncertainty born of the fast approaching changes (SEGWIT, BIP148 etc etc) could also lead to rapid decline in value.
If we approach the top of the established channel, those who trade on leverage may take the opportunity to examine the currency pairs which most closely mimicked BTC
price action in order to determine short entry points. If that situation should come about I will be watching STR
) and ETH( btc
) very closely.
Good luck to all!