State of the Bitcoin Market

Don’t be spooked by the recent decline in BTC back to $350, this is natural market behaviour after the sharp snap-back and has been characterised by particularly low volume, a positive sign that much of the selling has dried up.

SOTM.28.10.14

After the initial pop we were looking to go long BTC vs USD at $320-$330, this level now looks optimistic. Scaled buying at the levels $340 /$333 / $325 should allow a position to be established at a good level with limited risk.

We would still steer clear of paying up for this market as this first recovery leg is likely to be hesitant before the market regains its poise and confidence. Aggressive pyramiding can wait for the next up leg if we are able to establish a good base position at the above levels.

First Global Credit Website

Stops on these positions would be well placed below the lows reached in early October.

Good Luck.

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