Why bounce from 55 and 65 but not from 50 and 60?
First big bounce in the $50s is expected to be in the mid or high $50s, too much people wanting in at $50.
Still, depending on how painful are the traps and crashes before that point, confidence that $50 will hold may be very damaged. Just look at how easily all the other crucial support points ($88 and $79) fell.
Personally, two months ago I was ready to bet that $50 was going to be the very bottom. Now, I'm more inclined to think that there is a 70% chance that the bottom will be lower, something between $20 and $32. Just because there is too many people saying $50 is THE bottom, and during a bubble deflation the very bottom is always lower than most think.
Still, I believe that buying BTC at $50 is again a good investment for the long term, regardless of where the very bottom will end up being. And we will have awesome action at that point, that's for sure
When I buy at around $55 I'll place a series of sells from 60 upwards. When it starts to drop again I'll just dump it all.
