A lot to say about bitcoin - First Short then Long !

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin for me has a number of reasons as to why it could fall as low as $1800 usd before going up.

1) The long trendline at the bottom is off the monthly chart

2) The 200 ma (red one on the weekly chart will perfectly align with 2900 which was a previous price i also thought it would fall towards

3) A huge triangle has formed on the weekly which needs to be broken out of and it aligns well with dates between the start of june and end of july (around the same time last year bitcoin was preparing for a huge push up + market cycle)

4) Institutions want to buy as low as possible

5) Fibonacci 100 percent retracement aligns well with 3600 a previous support/resistance for bitcoin , if broken will plummet further.

In conclusion I think any price between 1300-3500 is a good buy purely because of the amount of different support levels.

If you are to buy in at the earlier prices, I would recommend using small lots so you don't risk a lot. If it does fall further then go all in or fill in your remaining possible risk with more buys / limit orders.

All take profits are at the red lines at the fibonacci levels, once $16,000 is achieved; I recommend you adding stop loss at break even and riding to the top.

Entry Price 1: $3500 dollars (use small lots incase we see a breakdown further, if bull run is activated you can always get in at a pull back)
Entry Price 2: $2900 dollars
Entry Price 3: $1800 dollars
Entry price 4: $1400 dollars

Stop loss: $400 dollars

Take Profit 1: $10,000 dollars
Take Profit 2: $16,000 dollars
Take Profit 3: $25,000 dollars

Thanks for reading!

Looks we still have a long wait
Comment: 5,500 dollars now for some reason on this chart it says 5,900 dollars see XBT/USD for real price
Comment: XBT
Comment: 4500 dollars nearly there
It's 21 august now and BTC is still 6400, can you update if this chart will happen, when?
RickyChand erfrerd
@erfrerd, see xbtusd and update
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