Bitcoin’s current downward spiral returned us back to the two-month lows.
Bitcoin has accelerated its decline, dropping below $7,500 yesterday evening. Then it bounced to $7,700, and reversed again, making new lows at the level of $7,400. As we carefully stopped out on Monday at the level of $8,290 and since then BTC has lost almost $1,000, we consider current situation as a new “sales season” with the opportunity to make the new entry at a much lower level.
Currently, we are out of the market after closing our long position at the level of $8,290 by trailing stop.
Now we continue to monitor the market situation and waiting for new BUY signal that can occur around $7,000 or below.
Previous Day Close = $7,557
All-Time High = $20,089 on December 17th, 2017
Current Drawdown from ATH = -62%
Trailing 12 Months Return = 225%
Year-To-Day Return = -46%