It was a very aggressive wick down through it but on the other hand it was a strong bounce back above it.
The bottom trend line at around $8,000 has been a target for a lot of big traders and that in itself could have caused the bounce with front running the 8k buy.
Either way it seems like a strong bounce to me.
My targets for the bounce are the bottom of the cloud at around $12,800 and I will let some ride to the top of the cloud which is also the 50D MA, around $14,500.
On the downside I will be looking to buy more on bounces on the 100D MA (picked up some about an hour ago). And I still have my largest / leveraged buys placed down around 8K.
With the length of the cloud I'm not expecting this recovery to be fast and expect us to slowly rise to these targets over the next 2 weeks.
Thanks for reading.
KevinBacon
My favourite site for trading is Bitmex, as the future contracts allow for lots of arbitage opportunites and the leverage lets me leave most of my stash safe in cold storage. If you don't already use it and would like to sign up, here is a referral link that will get you 10% off fees and rewards me with 10% of the fees you pay, we both win.
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