The bottom of the cloud seems to have acted as resistance which was expected, now it's time to look for some good entries.
$11,000
$11k is the 100D MA which, while not perfectly, seemed to have acted as support in the big fall last week. I will be buying a 20% position around here. (current position is 10% long).
$9,500
This is near the bottom of the local low and could be a good spot to buy in anticipation of a double bottom. 40% buy.
$8,000
This is around the current long term trend line. There are quite a lot predicting here as the bottom so it may be purrent to front load the buy point. 90% buy for a 160% position.
Why no short
My current medium term fundamental position is for bitcoin to rally again this year. One reason can be seen in this post. So I am happy to long when I think it will go up and go flat when I think it my fall.
Thanks for reading.
KevinBacon
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Disclaimer
Please do not invest on the advice of a stranger on the internet, only use this advice here as a starting point for your own research, and then if you choose to invest please only invest an amount that you can afford to lose.
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