Yes, approx. 91 and 81 are my immediate goals. I suspect there will be bounces to profit off these resistance points. I would expect to buy in again lower should the price permit.
Well, I was about right for this phase. Unfortunately, I wimped out at 98 just before the drop, as an insurance against it going up! I should have stuck!
Still, I made a good BTC profit regardless and bought the other half at 91. I'm hoping to sell on a bounce up to the high 80s, then buy back at the low 80s. I'm hoping to gain a few more BTC in the process and claw back some USD losses.
EDIT: P.S. Unfortunately, I was away during the weekend and couldn't trade it out. Ofc, the last few weekends it was dead... when I was free to trade!
[On Bitstamp]
An update on my position. I should have bought in the high 80s as was my original plan, but held out hoping to regain the loss, which was foolish! We hit about 89 and then plunged into the 70s, so it would have been a good strategy. I made a loss there - that's twice I should have stuck to my original plan over the last couple of weeks! Still, you have to cut losses and move on to the next trade!
I recently bought in at 78, being unconvinced by the rally. A head and shoulders then appeared to be form and has now largely completed with a fall back to low 70s. As I think we're still in a downward trend, I suspect 70 won't hold and I pulled by 71 buy position (half my trading fund).
I'm now sitting on the side and waiting to see how things pan out over the next few days. I'm still tempted to try a trade at 71, as there seems to be substantial support. However, I doubt there would be much of a bounce and as the head and shoulders pattern has just completed and I suspect enthusiasm for another rally may be low.
