BTCUSD: Bitcoin correction started

11 Mar 2017

The ETF decision caused a correction, which was needed to reset sentiment after too many people were bullish, and buying the top. Since we dropped a similar % as the initial PBOC induced shock crash, we could start a similar correction, but it doesn't have to be exactly the same.

The key levels on chart will help us catch the bottom here. For the time being, we will hedge our BTC position going long ETHBTC with margin, using 30% position size.
If we don't hit 883.50 by the 13th, we might be bottoming, and could look for a reversal and a long entry using margin.
Wait for my next signals, for the time being, we'll focus on ETHBTC longs until we hit our target.

Good luck,

Ivan Labrie.

11 Mar 2017

Not

Breaking above the level here traps the sellers for now. I anticipate erratic price action, so, I'm not going to trade BTCUSD directly.



We have hit resistance from the previous uptrend, so it might just top here for a while and go sideways or down.