Bitcoin (BTC): Sticking with the Plan

Bitcoin (BTC): Sticking with the Plan
Bitcoin / Dollar BITFINEX:BTCUSD
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Here's our plan in Bitcoin ( BTC ): We think it is ok to have a small long position. On a burst above 8560-8600, we would be more aggressive. 8562 is the critical level. 8562 is the 50% retracement of the recent rally. Support below the market is near the 62% retracement near 7400.

Bottom Line: Bitcoin ( BTC ) would be a juicy buy at 7400, but we honestly don't think Bitcoin ( BTC ) will get down there. Historically, when Bitcoin ( BTC ) trades in quiet ranges, a big move is coming.