$BTC (Bitcoin) has hit my 73,500 downside target where a tradable bounce if likely before the next leg down (and objective long entry here). Bounce target(s) TBD, stop somewhat below the 73,500 support, ideally on a closing daily or weekly basis. Previous (Dec 3oth) & updated daily charts below.
$BTC daily Dec 30th
$BTC daily Feb 2nd
Likewise, IBIT(Bitcoin ETF) has also hit the top of my preferred downside target zone in the pre-market sessionin the pre-market session & offers an objective time to start scaling into a long position in Bitcoin & my Bitcoin proxies (down to but not below the bottom of the zone). The initial targets shown on the daily chart below although I may revise and/or add additional targets going forward. Stops commensurate with one’s average entry price and preferred price targets.
IBIT daily Feb 2nd
Additional trade ideas on my Bitcoin proxies may follow soon, although I’d like to see how Bitcoin acts off this support zone first as I may (or may not) need a little bottoming action first. Once again, my preference is to start scaling in here, adding down to but not below the bottom of the target zone and/or/if Bitcoin starts to show decent evidence of bottoming action. I’ve also recently stated my theory that we are likely to see some rotation into Bitcoin from the anti-$USD crowd from the gold & silver frenzy following last week’s likely blow-off top.