The recent pain in Bitcoin is bringing a huge psychological level into play. The $5500-$5000 level is very likely to attract institutional longs in anticipation of a return to $7500-$10,000 by year's end. If you don't mind a traditional buy-and-hold investment, then going long from this area is not a bad idea.
Here is the trade:
1)Instrument: Physical Bitcoin, Exchange Purchased
2)Entry: Buy $5501
3)Stop Loss: $4474
4)Profit Target: $7500
5)Risk vs Reward Ratio: 1/2
This trade is one that will be made by a majority of long-term BTC bulls. It is a buy-and-hold play, meaning that it will take some time to be decided. There are a myriad of trade management options here, so check back for ideas on how to manage the open position should it go live.
Here is the trade:
1)Instrument: Physical Bitcoin, Exchange Purchased
2)Entry: Buy $5501
3)Stop Loss: $4474
4)Profit Target: $7500
5)Risk vs Reward Ratio: 1/2
This trade is one that will be made by a majority of long-term BTC bulls. It is a buy-and-hold play, meaning that it will take some time to be decided. There are a myriad of trade management options here, so check back for ideas on how to manage the open position should it go live.