BTC just sold off sharply after news of possible bank regulation. This is the sell off I've been waiting for as I'm looking to add to my core position. Personally I'm not worried about the potential for government regulation as I believe BTC has become too wide spread for anything to touch it now. Literally all the governments around the world would have to ban it and shut off the internet to stop it. All that said I want more of it at a better price. BTC had recently broke the longer term trendline and was starting to roll over. Tonight the secondary trend line broke and the bottom fell out. It has currently found some support above the 236 fib after bouncing a quick 4000$. I'll be watching for a push back up to the red line. If it rejects there price is likely to retest the 236 Fib again. If it breaks the 236 the next stop will potentially be the green zone and the 382 Fib. If it get down that deep I will be making a big add. Let see how it plays out. Check out my earlier posts below.
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Kinda expecting this sort of move. Falling back down after retesting the trendline.
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We got the move I was expecting. I will start buying between 46500 and 42000.
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Dropped down and tested the first green zone. Now has formed a basing pattern. Entry above line OK with stops below recent lows.
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Retested the recent low but did not close below. If you have stopped out on the false break look for re-entry on a pull back to the top of the breakout point.
