Cryptocurrency Markets

Another of the trades I went over in the weekend’s weekly market preview was talk of a Bitcoin long.

I spoke about price having not quite pulled all the way back into the weekly zone, but it being a close enough is good enough type scenario. Well that argument is now mute, with price pulling back again and plunging right into the buy zone.

Once again, here is a higher time chart for context around why I have chosen to be only looking for buys on Bitcoin:

BTC/USD Daily

I’ve actually been talking about buying Bitcoin when price pulls back into that buy zone for a while, with the following quote from a cryptocurrency specific weekly market preview from a few weeks back:

But the real battle is going to be waged in that blue zone on a pullback.

If it does in fact pull back to there, that’s a possible trade where we can make serious bank getting in on a breakout early. Because if it does bounce and break out, you’re already in. You don’t have to worry about stops around the breakout point.

Watch that one. It really gets me excited.

The question now becomes, do I have the balls to actually pull the trigger and buy on what feels like it could be a bit of a catch the falling knife scenario.

Zoom into an intraday chart and lets have a look there: