Bitcoin
I wrote this post three days ago:
My level of interest marked on the chart yesterday, is still valid, although weakened some by the strong bounce, which I stated might happen.
Every bounce has a target, and the target for the current bounce is around 11,400.00. If this is hit, it will then invalidate my level of interest. For now we have to be patient and wait to see what unfolds.
Today's Chart
As you can see from today's chart below, the first bounce didn't reach the blue target and so this meant my level of interest was still valid to buy for a bounce. And we duly got our bounce.
However, price spiked further into my level of interest than I had anticipated, so the bounce may be short lived. We shall see.
Tops and Bottoms
It is important to note that I do not look for tops or bottoms, only bounces. As a smarter man than me said, There is more money lost looking for tops and bottoms, than there is made in the eventual reversal.
Coming Soon
I'll sleep on this for now and post a fresh chart in the morning. The post after that will probably be a bit of a rant as I see some daft opinions being expressed about the market over the last few days. I was about to start my rant right here, but it is better to sleep on it and be more constructive in the morning.
- Previous related post: What now for bitcoin
Disclaimer
I am not a financial advisor, and I am not responsible for any losses you may incur as a result of acting on any of the content contained in this article. I make no recommendations to buy or sell, and this post is purely for information and education purposes. Opinions expressed in this post are my own, and you should seek advice from a professional financial adviser.