During the most recent drop we found support at 130 forming a strong triple bottom, and we should stay way above that for the foreseeable future. Last time we broke out of the downtrend it spiked and retraced to the trendline before going from 170 to 420. We broke the trend again today, and now are pulling back. Buying at the 200 range with stops around 190 is a decent play. If it breaks 190 it should retrace all the way back to 130 again, which wouldn't be a bad purchase point in that scenario. We are hoping support holds at 200, if so, we may see an increase similar to the last time the downtrend was broken, putting us on our way back up to new highs over the next several months.
Trade closed: target reached:
It fell to 208 and that may have been it, it's already back at 240 range. If it breaks the high from yesterday at 249 it should swiftly move to the 300 range, the next level of strong support/resistance.
(still learning how to use trading view)
(still learning how to use trading view)
Comment:
Currently back at 208. It took longer to get here than expected so the support is lower. Still buying at 190-200 with a stop at 180-185. Also look at BTC chart for confirmation when this hits target numbers.
Comment:
The low for this move was 186, which came after my last update where I revised the buy/stop levels to just under that level. Everything worked according to plan this time and we should see a good move up. Entered trade at 198, still long. Currently at 218 so it was a nice 10% trade. Move your stops up or sell when comfortable. Don't get greedy.